Buy Bajaj Electricals, target price Rs 535: IIFL

IIFL has given a buy rating to Bajaj Electricals with a target price of Rs 535. The share price moved up by 0.57 per cent from its previous close of Rs 518.05. The stock’s last traded price is Rs 521.

Bajaj Electricals Ltd., incorporated in the year 1938, is a Mid Cap company (having a market cap of Rs 5895.24 Crore) operating in Consumer Durables sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1209.80 Crore, up 100.28 % from last quarter Sales of Rs 604.05 Crore and up 12.58 % from last year same quarter Sales of Rs 1074.65 Crore Company reported net profit after tax of Rs 53.11 Crore in latest quarter.

Investment Rationale
Stock has given a consolidation breakout on the daily chart.

Promoter/FII Holdings
Promoters held 63.17 per cent stake in the company as of March 31, 2020, while FIIs held 7.96 per cent, DIIs 12.46 per cent and public & others 16.41 per cent.