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Buy Bajaj Auto, target of Rs 1080: Reliance Money

Posted on: May 27th, 2009 and is filed under Brokerage Recommendations.

Reliance Money has recommended a buy rating on Bajaj Auto with a target price of Rs 1080 in its May 27, 2009 research report.

“Bajaj Auto Ltd (BAL) reported Q4FY09 results which were in below our expectation. Exports revenue remained sluggish due to weak overseas markets. Forex losses also impacted net profit of the company. On the new initiative side, the company has installed an assembly plant in China and is likely to introduce KTM bikes in India by mid of FY11E. Going ahead BAL would focus on three brands ‘Bajaj, KTM and Boxer (China). BAL also said it would launch 2 new motorcycles in FY10E and expect the sales volume to go up. We estimate BAL’s earnings to grow by 28% for FY09-FY11E. We upgrade our price target to Rs1,080 and recommend a ‘BUY’,” says Reliance Money’s research report.

source: Moneycontrol

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