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Morgan Stanley has maintained an 'Overweight' rating on Bajaj Finance, setting a price target of ₹9,300 per share, indicating an 8% upside. The stock's performance is closely tied to Rajeev Jain's potential new role, with three scenarios predicting varying impacts on share price based on his involvement with Bajaj Finance and Bajaj Finserv. The board is expected to make a decision on Jain's future role soon, which could significantly influence investor sentiment.
Morgan Stanley remains optimistic about Bajaj Finance amid leadership uncertainty, maintaining an overweight rating with a target price of ₹9,300 per share. The firm outlines three scenarios for Managing Director Rajeev Jain's future, predicting a 5%-10% stock increase if he stays, while a transition to Bajaj Finserv could lead to a 5%-8% decline. Shares recently closed at ₹8,580, reflecting a market capitalization of ₹5.31 lakh crore.
Bajaj Finance shares fell 1.5% to Rs 8,312 after UBS issued a "sell" rating, predicting an 18% downside with a target of Rs 6,800. Despite a 17% rise in Q3 FY25 net profit to Rs 4,247 crore and a 12% stock surge over the past month, concerns over high credit costs and declining asset quality persist.
Microsoft plans to invest $3 billion in India over the next two years to enhance its cloud computing and AI capabilities, marking its largest expansion in the country. This initiative includes training 500,000 individuals in AI and establishing new data centers, with a goal of training 10 million people by 2030. Strategic partnerships with various organizations will further support AI innovation and cloud services across India.
The S&P BSE Sensex plummeted nearly 1,000 points, hitting an intra-day low of 80,941.61, amid investor caution ahead of the US Federal Reserve's upcoming meeting. Key factors included a widening trade deficit of $37.8 billion and poor performance from heavyweight stocks like Reliance Industries and HDFC Bank. Despite the overall decline, midcap and smallcap stocks showed slightly better resilience, with only minor losses.
UBS has downgraded its target price for IndusInd Bank to ₹1,150 from ₹1,350, reflecting a neutral stance and a 5% cut in EPS for FY25/26. Similarly, Axis Bank and AU Small Finance Bank also saw target reductions. HDFC Bank, ICICI Bank, and Federal Bank remain top picks amid rising non-performing loan risks.Citi maintains a neutral call on Infosys with a target of ₹1,965, noting improvements in discretionary spending, particularly in the US financial services sector. Goldman Sachs favors Syngene and Neuland in the pharma sector while expressing caution on Divi’s, Gland, and Laurus.
On November 22, the BSE Sensex surged by 1,599 points (2.1%) to reach 78,754, while the NSE Nifty rose by 478 points to 23,828, driven by a rally in financial stocks and strong US labor market data. Market breadth was positive, with 2,123 shares gaining and 1,218 declining. Key gainers included Reliance Industries, ICICI Bank, and Tata Motors, while the Nifty PSU Bank index rebounded by 2.47% after a previous decline.
Sorbh Gupta, Senior Fund Manager at Bajaj Finserv AMC, advocates for building a robust consumption-oriented portfolio, citing rural consumption as a key driver for demand revival. He highlights increased state spending, favorable monsoon conditions, and strong farm economics as catalysts for higher consumption and earnings in consumer-focused sectors. Gupta finds consumer staples, durables, pharma, and select private banks attractive, while noting potential earnings risks in the December quarter but remains optimistic for a recovery in the latter half of FY25.
Bajaj Finserv reported an 8% year-on-year increase in Q2 FY25 net profit to Rs 2,087 crore, driven by higher interest and insurance premium income, despite rising finance costs and claims. Total revenue surged 29% to Rs 33,704 crore, with significant contributions from Bajaj Finance and its insurance arms. For the half-year ending September 2024, consolidated total income rose 32% to Rs 65,184 crore, while profit after tax grew 9% to Rs 4,225 crore.
The Q2 earnings season is in full swing, with major companies like HUL, Bajaj Finserv, and TVS Motor set to release their results today. Earlier reports showed Reliance Industries' profit declined by 4.8%, while HCL Tech and TCS posted profit increases of 10.5% and 5.0%, respectively. Bajaj Finserv reported an 8.2% profit growth, reaching Rs 2,086.97 crore, alongside a 29.5% rise in total income.
Bajaj Finserv Ltd.
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