Buy Bajaj Finserv., target Rs 2300: Nomura, India

Nomura, India has a buy call on Bajaj Finserv Ltd. with a target price of Rs 2300. The current market price of Bajaj Finserv Ltd. is Rs 2610.7. The time period given by analyst is year, when Bajaj Finserv Ltd. price can reach defined target. Positive surprise on the lending business got offset by weaker volumes in the life business. The global investment bank believes that life business continues to remain a weak link. While the valuation does look expensive, but high growth justifies high multiple in the stock. Finserv as holding company will continue to benefit from Bajaj Auto Finance (BAF's) high growth.