Bajaj Auto Share Price Today: Stock falls over 2% despite strong Q4 earnings

Bajaj Auto share price fell over 2% in early trade on Friday despite its strong Q4 earnings. Shares of the automaker hit an intraday low of Rs 8,750 on the NSE. At 9:35 AM, Bajaj Auto shares were at Rs 8,875.25, down 1.6% on the NSE.

Bajaj Auto share price fell over 2% in early trade on Friday despite its strong Q4 earnings. Shares of the automaker hit an intraday low of Rs 8,750 on the NSE. At 9:35 AM, Bajaj Auto shares were at Rs 8,875.25, down 1.6% on the NSE.

Brokerage firms Jefferies and JPMorgan however remained optimistic on the company post its Q4 earnings, having a Buy and an Overweight call, respectively. Jefferies increased its target price for Bajaj Auto to Rs 10,500, while JPMorgan increased its target price to Rs 10,000 on the stock.

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The company posted a strong 29% growth in its total revenue for Q4, coming in at Rs 11,485 crore against Rs 8,904 crore posted in Q4FY23. Bajaj Auto’s Q4 net profit jumped 35.1% on a YoY basis to Rs 1,936 crore against Rs 1,433 crore in the same period last year.

The automotive player’s board has also approved a dividend at the rate Rs 80 per share (800%) of face value of Rs 10 each on equity shares for the financial year ended 31 March 2024, the company said in its Q4 earnings.