Buy Bajaj Finance, target price Rs 3410: Kotak Securities

Kotak Securities has given a buy rating to Bajaj Finance with a target price of Rs 3410. The share price moved up by 0.64 per cent from its previous close of Rs 3313.15. The stock’s last traded price is Rs 3334.25.

Bajaj Finance Ltd., incorporated in the year 1987, is a Large Cap company (having a market cap of Rs 201194.87 Crore) operating in NBFC sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 6480.35 Crore, down 2.33 % from last quarter Sales of Rs 6634.93 Crore and up 2.51 % from last year same quarter Sales of Rs 6321.45 Crore Company has reported net profit after tax of Rs 964.88 Crore in latest quarter.

Investment Rationale
Strong price reversal formation near 200 day SMA indicates high chances of further uptrend from current levels.

Promoter/FII Holdings
Promoters held 56.2 per cent stake in the company as of June 30, 2020, while FIIs held 21.5 per cent, DIIs 10.1 per cent and public and others 12.2 per cent.