• Source:JND
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Bajaj Auto Share Price:  Bajaj Auto Ltd shares fell more than 10% to trade at Rs 10,407.50 in morning trade on Thursday, down 10.28% or Rs 1,193.95, 10 on the NSE after its July-September quarter results decreased .28% or Rs.1,193.95, at around 10:27 am.

Bajaj Auto's revenue increased 22 per cent year-on-year due to lower-than-expected realizations, slightly below estimates. Volume increased 16% to 1.2 million units, while net revenue per unit increased 5% to Rs 1,07,470 per unit.

For the July-September quarter, the Pune-based firm's standalone net profit grew 9 per cent to Rs 2,005 crore, slightly below analysts' estimates. As per the report posted by Bajaj Auto, its profit after tax (PAT) increased from Rs 1,836 crore in the same quarter last year. Revenue from July to September increased 22 per cent to Rs. 13,127 crore from Rs. 10,777 crore in the same period a year ago.

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Citi Issues 'Sell' Rating

For the Bajaj Auto stock, Citi issued a "sell" call with a target price of Rs 7,800 per share, 33 per cent down from the previous session's closing price of Rs 11,616. However, Macquarie remains positive on the auto sector's stock as it maintains a neutral stance on it. The rating agency set a target price of Rs. 11,200 per share, noting a festive outlook.

HSBC, Jefferies Maintain Bullish Approach

In contrast to other agencies, HSBC and Jefferies have issued bullish forecasts considering positive leverage and growth prospects in future. HSBC set a target price at Rs 14,000 and said that Bajaj Auto retained a 30 per cent market share and the company can benefit from the penetration of electric vehicles in the three-wheeler segment. Jefferies, also maintains a "buy" call on Bajaj Auto, considering the optimistic approach of the company's management about continued improvement in quarter-on-quarter exports.

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