/Buy Bajaj Auto, target price Rs 3130: Kotak Securities

Buy Bajaj Auto, target price Rs 3130: Kotak Securities

Kotak Securities has given a buy rating to Bajaj Auto with a target price of Rs 3130. The share price moved down by 0.27 per cent from its previous close of Rs 3034.80. The stock’s last traded price is Rs 3026.75.

Bajaj Auto Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 87801.19 Crore) operating in Auto sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 7041.48 Crore, up 138.81 % from last quarter Sales of Rs 2948.52 Crore and down -6.10 % from last year same quarter Sales of Rs 7499.21 Crore. Company reported net profit after tax of Rs 1137.69 Crore in latest quarter.

Investment Rationale
A series of higher high higher low formation on the daily chart suggests that outperformance is likely to continue in the near term.

Promoter/FII Holdings
Promoters held 53.7 per cent stake in the company as of Sept 30, 2020, while FIIs held 13.6 per cent, DIIs 10.4 per cent and public and others 22.3 per cent

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