The stock hit a 52-week high of Rs 140 on 3 July but failed to hold on to the momentum. It then witnessed some profit booking, which took it below 50-DMA earlier in August. Post the recent correction from July, the stock bounced back after making a strong base above Rs 116-117 levels. The stock closed at Rs 129 on 4 September, which translates into an upside of over 10%
The hair oil market in India is not declining. The brokerage firm expects Bajaj s volumes to recover. The margins should also see a jump given refined mustard oil (RMO) is down sharply. Given the backdrop, it expects the stock to re-rate hereon.
Consolidated net profit increased to ₹531 crore in the quarter ended June 30 from ₹261 crore a year ago. The strong growth in retail loans helped the company achieve a retail portfolio mix of 82%. The company is ahead of the stage-gated milestone of reaching the ultimate target of 80% by 2026.