Bajaj Auto: Strong Buy with a Target of Rs 10,850
JM Financial has issued a buy recommendation for Bajaj Auto, setting a target price of Rs 10,850. The current market price of Bajaj Auto Ltd. is Rs 9,584.
Company Overview Bajaj Auto Ltd., established in 2007, is a major player in the auto sector with a market cap of Rs 2,67,140.13 Crore. The company produces 2 & 3 wheelers, and its revenue also comes from export incentives, other operating revenue, royalty income, and scrap sales.
Financial Performance For the quarter ending on March 31, 2024, Bajaj Auto reported a consolidated total income of Rs 11,914.94 Crore, a decrease of 4.85% from the previous quarter’s Rs 12,521.66 Crore but a 29.61% increase from the same quarter last year, which was Rs 9,192.73 Crore. The net profit for the latest quarter was Rs 1,927.49 Crore.
Shareholding As of March 31, 2024, the promoters held 55.06% of the company’s shares, while Foreign Institutional Investors (FIIs) owned 14.53%, and Domestic Institutional Investors (DIIs) held 8.45%.
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