Motilal Oswal has given Neutral recommendation for Bajaj Auto with a target price of Rs. 4000 in its research report issued on Oct 15, 2022
Motilal Oswal’s research report on Bajaj Auto
Bajaj Auto (BJAUT)’s 2QFY23 witnessed a good all-round performance, driven by favorable FX and operating leverage. While domestic outlook is improving, exports have bottomed out in 2QFY23. The on-going buy-back of shares, which supported the stock price, is now complete.
We largely maintain our EPS for FY23E/FY24E. We reiterate our Neutral rating with a TP of INR4,000 (based on 16x Sep-24 Consol EPS).
At 17:30 Bajaj Auto was quoting at Rs 3,569.00, down Rs 36.25, or 1.01 percent.
It has touched an intraday high of Rs 3,663.40 and an intraday low of Rs 3,554.00.
It was trading with volumes of 7,633 shares, compared to its thirty day average of 25,465 shares, a decrease of -70.03 percent.
In the previous trading session, the share closed down 0.52 percent or Rs 18.95 at Rs 3,605.25.
The share touched its 52-week high Rs 4,130.15 and 52-week low Rs 3,028.35 on 01 September, 2022 and 20 December, 2021, respectively.
Currently, it is trading 13.59 percent below its 52-week high and 17.85 percent above its 52-week low.
Market capitalisation stands at Rs 103,275.09 crore.