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HDFC Securities has maintained its neutral rating on Bajaj Auto with a target of Rs 421. Net profits declined 22% yoy and 10% qoq due to the compensation paid under the VRS scheme amounting to Rs 611 million.
HDFC Securities has maintained its neutral rating on Bajaj Auto with a target of Rs 421 in its January 19, 2009 research report. "On a qoq basis, net sales fell 18.2%. Net profits declined 22% yoy and 10% qoq due to the compensation paid under the VRS scheme amounting to Rs 611 million. Volumes declined 30.8% yoy and 23% qoq mainly due to sharp decline in domestic sales. we maintain neutral rating on the stock with a target of Rs 421 at a P/E multiple of 7.5x on an FY 2010 EPS of Rs 56.1," says HDFC Securities' research report.
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