INSUBCONTINENT EXCLUSIVE:
Bajaj Auto climbed over 2 per cent today after brokerages revised target price of the two-wheeler major upwards, citing robust export
outlook.
The scrip was trading 2.48 per cent up at Rs 2,787.45 at around 10.50 am
The BSE Sensex was up 94 points, or 0.27 per cent, at 34,709.64.
Global brokerage firm Nomura raised the rating for Bajaj Auto to 'Buy' from
per cent in FY19, with 3-wheeler volumes likely to continue to grow in near term," Credit Suisse said.
The automaker's consolidated net
profit jumped 36.32 per cent to Rs 1,175.47 crore for the March quarter, driven by robust sales across segments
It had reported a net profit of Rs 862.25 crore during January-March of 2016-17.
Of the 51 brokerages covering the stock, 25 have 'Buy' or
higher ratings, 14 'Hold' and 12 'Sell' or lower rating with a median price target Rs 3,200, according to Thomson Reuters Eikon data.
The
stock has lost over 18 per cent this year as of Monday's close, compared with a fall of 10.6 per cent by the Nifty Auto index.
