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Nomura upgrades Bajaj Finserv to buy, target price Rs 9,500

Buy Bajaj Finserv Ltd. at a price target of Rs 9500.0 .|
Updated: Oct 24, 2019, 09.55 AM IST
Nomura has upgraded Bajaj Finserv to buy from neutral in the long term and retained target price of Rs 9500. Shares of Bajaj Finserv ended up 0.8% at Rs 8066.15 on Wednesday while the BSE Sensex closed 164.18 points up at 39,223.01.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 14221.86 crore, up 15.89% from last quarter sales of Rs 12271.66 crore and up 180.77% from last year same quarter sales of Rs 5065.33 crore. The company has reported net profit after tax of Rs 2021.85 crore in the latest quarter.

Investment Rationale

The brokerage has upgraded the stock as lending business continues to deliver well on growth and asset quality and part of the disappointment in earnings for general insurance business is in the price. In the life insurance business, a tie-up with Axis Bank could lead to improvement in future business value, as the tie-up ramps up, said Nomura.

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