Bajaj Finserv shares rise 1.5% as Jefferies initiates coverage with 'Buy' call, sees up to 22% upside

Bajaj Finserv shares rise 1.5% as Jefferies initiates 'Buy' call, sees up to 22% upside

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Shares of Bajaj Finserv rose 1.5% on August 21 after global brokerage Jefferies initiated coverage with 'Buy' call and gave a target of Rs 2,420 per share.

The target implies up to 22% upside potential from the current market price.

Bajaj Finserv to benefit from lower rates, stronger BALIC (Bajaj Allianz Life Insurance Company Limited) profits and BAGIC (Bajaj Allianz General Insurance Company Limited) growth.

At 10 am on August 21, Bajaj Finserv shares were trading 1.4% higher at Rs 1,986 apiece.

New ventures in mutual fund, healthcare, tech and ventures add optionality, the brokerage said about the NBFC.

Jefferies said it sees limited impact from Allianz exit and Jio Financial Services entry, adding that it expects 22% CAGR in core earnings.

Last month, Bajaj Finserv reported a 30.4% year-on-year (YoY) rise in consolidated net profit for Q1FY26 at Rs 2,789 crore as compared to Rs 2,137.7 crore in the same quarter last year.

Revenue for the June-ended quarter stood at Rs 35,439 crore, up 12.6% from Rs 31,479 crore in the corresponding period of the previous financial year.