Ebene Magazine – Bajaj Auto Stock Hits A Record High As Analysts Laud Q3 Results en

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Ebene Magazine - Bajaj Auto Stock Hits A Record High As Analysts Laud Q3 Results en

Analysts raised price targets on Bajaj Auto Ltd. after the third quarter, citing better outlook for exports, increased traction for premium motorcycles and attractive valuations.

The two-wheeler maker, according to research reports of brokerages, including Investec, HSBC, can offset the commodity headwinds through modest price hikes. Also, improving product mix and recovery in three-wheelers are other positive triggers.

Bajaj Auto, in its post-earnings release, said its overall share in the domestic market has risen from 17.5% to 18.6%, and it sold record Pulsar motorcycles in the domestic and international markets. The companyâ????s exports at 6.87 lakh units during the quarter were also the highest-ever.

The two-wheeler aims to restart bookings of electric scooter Chetak over the next two-three months. Bookings were stalled in March and had not resumed since, owing to supply-side constraints.

Bajaj Auto reported the highest-ever quarterly profit, revenue, Ebitda and turnover during the three months ended December. Its overall sales increased 8% over the year-earlier during the reported period.

Shares of Bajaj Auto gained as much as 8.4% to an all-time high of Rs 4,012.9 apiece. The stock is up for the fourth straight day.

Of the 51 analysts tracking Bajaj Auto, 34 have a â????buyâ???? rating, 12 suggest a â????holdâ???? and five recommend a â????sellâ????. The stock crossed its Bloomberg consensus 12-month price target of Rs 3,779 apiece on Friday.

Related title:
Bajaj Auto Stock Hits A Record High As Analysts Laud Q3 Results
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Bajaj Auto records profit led by exports

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Ref: https://www.bloombergquint.com

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