Hold Bajaj Auto; target Rs 2035: ICICIdirect.com
Brokerage house ICICIdirect.com has recommended hold rating on Bajaj Auto (BAL) with a price target of Rs 2035, in its July 19, 2013 research report.
July 22, 2013 / 19:17 IST
ICICIdirect.com's report on Bajaj Auto (BAL)
"Bajaj Auto (BAL) reported its Q1FY14E earnings, which were better than our estimates on the topline and bottomline front. The topline at ~Rs 4911 crore was higher by ~1 percent YoY. The margin performance has been a clear beat with operating margins adjusted for forex loss at 19.9 percent (~230 bps QoQ jump) as profitable exports led by favourable currency and higher 3-W sales aided it. Adjusted PAT at ~ Rs 806 crore (higher by 12.5 percent YoY) was higher than our estimates. Overall, the results were better than our estimates on the margins front," says ICICIdirect.com research report.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. 
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