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Shares of Bajaj Auto jumped as much as 2.78 per cent to Rs 2,796.05, and the brokerages were bullish on export outlook.
Nomura has raised the rating to “buy” from “neutral” and price target to Rs 3,395 from Rs 3,252. Exports outlook has improved, especially in African countries such as Nigeria, which benefit from rising oil prices, it says.
Credit Suisse has raised the price target to Rs 3,010 from Rs 2,940 and maintains “neutral” rating. It expects exports volumes to rise 10-12 per cent in FY19, with 3-wheeler volumes likely to continue to grow in near term.
The company had on Friday posted 35 per cent increase in March-quarter net profit. Of the 51 brokerages covering the stock, 25 have “buy” or higher ratings, 14 “hold” and 12 “sell” or lower; their median price target is Rs 3,200, according to Thomson Reuters Eikon data.
The stock had lost 18.4 per cent this year as of Monday's close, compared with a fall of 10.6 per cent in the Nifty Auto index.
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