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BAJAJ FINANCE LTD.

NSE : BAJFINANCEBSE : 500034ISIN CODE : INE296A01024Industry : Finance - NBFCHouse : Bajaj
BSE3581.2035.5 (+1 %)
PREV CLOSE ( ) 3545.70
OPEN PRICE ( ) 3545.00
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 3577.00 (10)
VOLUME 42253
TODAY'S LOW / HIGH ( )3529.60 3587.95
52 WK LOW / HIGH ( )1912 3596
NSE3579.8534.5 (+0.97 %)
PREV CLOSE( ) 3545.35
OPEN PRICE ( ) 3545.35
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 3579.85 (230)
VOLUME 827869
TODAY'S LOW / HIGH( ) 3530.35 3586.00
52 WK LOW / HIGH ( )1912.2 3599
AnalystDate17 May 2019
BSECode500034
BlogURLNA
NoteDescriptionBajaj Finance (BAF) is one of the fastest growing NBFC with the AUM clocking a growth of 37% CAGR over FY13 to FY19. BAF maintains strong growth across products categories and geographic expansion with rising efficiency and better margins. It is well covered on ALM to manage impact of liquidity hardening, even though it has gained market share in auto segment on the back sparse competition, while consumption demand has slowed down. NIM is expected to remain under slightly pressure as consumer durable growth remains weak. We expect liability mix to get diversify as management forays into ECB route thus strengthening liability mix further. Strong growth of cross selling franchise can decline origination cost & also improve credit cost going ahead. Diversification of assets, strong rural growth, delinquency control and strategically investments in franchise are the key drivers for BAF over a period a time. We largely maintain our earnings estimates and roll over our valuation multiple at 6x BV FY21e to arrive at a target price of Rs 2956. We maintain NEUTRAL on the stock considering premium valuation.
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