NEW DELHI: Shares of Bajaj Finance surged over 4 per cent in the morning session on Friday, a day after it reported a 57 per cent year-on-year (YoY) jump in consolidated profit at Rs 1,176 crore compared with Rs 748 crore in the same quarter last year.
The results included the numbers of Bajaj Finance's wholly-owned subsidiaries Bajaj Housing Finance Limited (BHFL) and Bajaj Financial Securities Limited (BFinsec).
Consolidated assets under management (AUM) rose 41 per cent to Rs 1,15,888 crore against Rs 82,422 crore.
Brokerages have mixed views on the stock after the March quarter results.Deutsche Bank maintained a hold rating on the stock, but increased the target price to Rs 2,700 from Rs 2,400, highlighting that the company's strong growth momentum has sustained and the asset quality remained steady.
"The AUM growth continues to be very strong at 41 per cent YoY and 5 per cent QoQ," Deutsche Bank said.Morgan Stanley maintained a neutral view on the stock, raising the target price to Rs 2,950 from Rs 2,600.
The global financial firm said even in a tough environment for NBFCs, the company continued to grow its AUM and revenue and maintained good asset quality.Credit Suisse has an underperform view on the stock but raised the target price to Rs 1,930 from Rs 1,660.
The brokerage believes premium multiples may not sustain.
Shares of Bajaj Finance traded 4.36 per cent up at Rs 3,247.35 around 10:15 am on BSE.