Bajaj Finance share price: The non-banking finance company's shares hit a record high in trading on March 21 after Rajiv Jain, the managing director of Bajaj Finance, was elevated to a management position in the Bajaj Finserv group. After hitting a record high of Rs 9,089.00 per share, Bajaj Finance shares were trading at Rs 8,919.85, surging 2.77% at around 10.55 am. This comes as the Sanjiv Bajaj-led Bajaj Finserv group is engaged in a succession planning exercise.

Rajiv Jain's new role will primarily involve managing Bajaj Finance, but he may also be responsible for some of the group's recent projects, such as healthcare, and help transform the group's insurance companies.

Bajaj Finserv, which holds about 54% of the Rs 3.25 lakh crore loan portfolio, is promoting Bajaj Finance.

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Brokerage Houses Raise Target Price

Brokerage houses have been quick to raise their target prices on the NBFC in response to the developments. The highest price target set by CLSA is Rs 11,000 per share of Bajaj Finance, representing a 27% increase from the previous session's closing price.

BofA Securities raised its target price to Rs 10,500 per share and reaffirmed its "buy" recommendation. The brokerage said the succession plan has been "well executed" and recent developments have addressed significant overhang.

While maintaining their "buy" outlook, Citi Research and Morgan Stanley raised their price targets to Rs 10,200 and Rs 10,500, respectively.

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Disclaimer: This is just a piece of news about recent developments in the stock. Jagran does not advise investing, please do take expert opinion before investing.


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