Most brokerages upgraded their price targets on the stock after the results. The upgraded average analyst price target on the stock stands at Rs 7,252.08, according to Bloomberg data, which is 4.6% lower than Thursdays closing price of Rs 7,590.
Bajaj Auto shares reached a 52-week high of Rs 7,499 despite scepticism from Kotak Institutional Equities and Nuvama. Kotak maintained a Sell rating, citing a high valuation, while Nuvama reiterated a Hold stance. JM Financial remained positive, citing a favorable product mix and strong domestic demand. Bajaj Auto reported a 37% YoY growth in net profit for Q3, beating estimates.
Bajaj Auto Q3 earnings: Phillip Capital sees profit after tax for Bajaj Auto surging 31 per cent YoY to Rs 1,954 crore on a 29 per cent rise in sales at Rs 12,013 crore. Ebitda margin is seen at 19 per cent.
The BSE will see seventy eight companies announcing their December quarter earnings, including Bajaj Auto, Tata Steel, and Tech Mahindra. Axis Bank reported a 4% YoY increase in net profit for the October-December quarter. Bajaj Auto is expected to have a 33.3% YoY rise in net profit, while Tech Mahindra may see a decline in revenue but a rise in net profit. Other companies announcing their Q3 results include Ujjivan Small Finance Bank, UCO Bank, TVS Motor Company, Railtel, and PNB Housing.