Bajaj Auto Share Price: Bajaj Auto’s stock is galloping, the brokerage advises investment on this target

Bajaj Auto Share Price:

Shares of Bajaj Auto, which sells two-wheelers and three-wheelers, has risen about 9 percent this year. Market experts are seeing a golden opportunity to invest in it. Due to the recovery in the domestic and overseas markets and the boom in the sales of Electric Vehicles (EVs), the brokerage has advised investing in it. check target price

Bajaj Auto Share Price: Shares of Bajaj Auto, which sells two-wheelers and three-wheelers, have jumped more than two percent today. This year it has climbed nearly 9 percent. Market experts are seeing a golden opportunity to invest in it due to the recovery in domestic and foreign markets and the boom in sales of Electric Vehicles (EVs). Domestic brokerage firm JP Morgan has fixed a target of Rs 4400 (Bajaj Auto Target Price) for investment in it, which is a 13 percent upside from the current level. Its shares today closed at Rs 3886 with a gain of 2.47 percent.

Why the brokerage trusts Bajaj Auto

According to JP Morgan, the coming time is looking better for Bajaj Auto due to the rise in exports and a strong recovery in it in the September 2024 quarter, recovery in two-wheeler sales in the domestic market, a jump in sales of electric vehicles and improvement in margins. The domestic two-wheeler market is still down 21 percent from pre-Covid levels and is showing signs of growth. The company will launch new electric vehicles in the coming quarters.

Apart from this, the company has restructured the supply chain, which has reduced the cost and also ensured the availability of 10,000 units every month. The company plans to launch an electric three-wheeler in the June 2023 quarter. According to JP Morgan, Bajaj Auto is looking good for investment due to its focus on electrification. Hence, the brokerage has maintained an Overweight rating on it and fixed a target price of Rs 4,400.

How was the movement of shares in one year

Bajaj Auto shares were at Rs 3461.30 last year on May 6, 2022, which is a one-year low. After this, in the next four months, it reached Rs 4130.15 on 1 September 2022, which is a one-year high. However, this rally of shares stopped here and it is currently down 6 percent from this high. Experts are seeing a rise in it from the current level.