Buy Bajaj Auto, target price Rs 3850: Edelweiss

Buy Bajaj Auto, target price Rs 3850:  Edelweiss

Edelweiss has buy call on Bajaj Auto with a target price of Rs 3850. The current market price of Bajaj Auto Ltd. is Rs 3665.5.

Bajaj Auto Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 106660.68 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
Bajaj Auto was able to absorb all the selling pressure in the past couple of trading sessions as prices bounced back after taking support at Rs 3,500 levels. Currently, the stock has given a swing breakout by closing above the previous swing high of Rs 3,630.

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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