Shares of Bajaj Finance have more than doubled in value so far this year. In fact, the stock is on its longest winning streak since 2009. The month of October has especially been good for the non-banking financial company driven by demand during festive season.
Brokerage house Motilal Oswal hiked their price target on the stock to Rs 2,300 from Rs 1,800 earlier while reiterating their ‘Buy' rating. The new target price indicates a potential upside of around 20 percent from Wednesday's close.
The broking firm said the recent QIP issue of Rs 4,500 crore will help the company to sustain its over 30 percent asset under management growth, along with new product launches and branch expansion which will further fuel growth.
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