Buy Bajaj Auto, target price Rs 3500: Motilal Oswal

Motilal Oswal has buy call on Bajaj Auto with a target price of Rs 3500. The current market price of Bajaj Auto Ltd. is Rs 3327.8.

Bajaj Auto Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 96867.06 Crore) operating in Auto sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 7041.48 Crore, up 138.81 % from last quarter Sales of Rs 2948.52 Crore and down -6.10 % from last year same quarter Sales of Rs 7499.21 Crore. Company reported net profit after tax of Rs 1137.69 Crore in latest quarter.


Investment Rationale
Set for a Pole and Flag pattern on daily scale with multiple support at 3250-3275 zones

Promoter/FII Holdings
Promoters held 53.7 per cent stake in the company as of Sept 30, 2020, while FIIs held 13.6 per cent, DIIs 10.4 per cent and public and others 22.3 per cent