Moneycontrol
Oct 19, 2016 06:14 PM IST IST | Source: Moneycontrol.com

Buy Bajaj Corp; target of Rs 469: Reliance Securities

Reliance Securities is bullish on Bajaj Corp has recommended buy rating on the stock with a target price of Rs 469 in its research report dated October 15, 2016.



Reliance Securities' research report on Bajaj Corp

Bajaj Corp has reported below par numbers in 2QFY17 with its net sales growing by 3.5% yoy to Rs 2bn, while EBITDA rose 3.8% yoy to Rs 672mn. However, reported net profit grew by robust 24% yoy to Rs 583mn, mainly on the back of sharp jump in other income (up 91% yoy) and lower amortisation with respect to acquisition of Nomarks. While we have revised our earnings estimates downwards by 5%, we believe that the risk reward ratio from the current situation remains favourable. We envisage 10.6% & 21.5% CAGR in revenues and earnings, respectively through FY16-18E and maintain our BUY recommendation on the stock with revised Target Price of Rs 469.

For all recommendations, click here

Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sections
Follow us on
Available On