General

Buy Bajaj Finance, target price Rs 7020: ICICI Direct – Economic Times

ICICI Direct has buy call on Bajaj Finance with a target price of Rs 7020. The current market price of Bajaj Finance Ltd. is Rs 6997.2. Time period given by analyst is Intra Day when Bajaj Finance Ltd. price can reach defined target.

Bajaj Finance Ltd., incorporated in the year 1987, is a Large Cap company (having a market cap of Rs 421671.01 Crore) operating in NBFC sector.

Bajaj Finance Ltd. key Products/Revenue Segments include Interest, Fees & Commission Income, Income From Sale Of Share & Securities, Other Operating Revenue and Service Charges for the year ending 31-Mar-2021.

Financials

For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 8535.06 Crore, up 10.39 % from last quarter Total Income of Rs 7732.06 Crore and up 28.18 % from last year same quarter Total Income of Rs 6658.47 Crore. Company reported net profit after tax of Rs 2125.29 Crore in latest quarter.

Investment Rationale
Price closed above 20 days EMA and a breakout above falling supply line joining recent highs signaling continuation of the up move

Promoter/FII Holdings
Promoters held 56.03 per cent stake in the company as of 31-Dec-2021, while FIIs owned 23.91 per cent, DIIs 9.05 per cent.

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