Macquarie has maintained a neutral rating on Bajaj Auto, with a target price of Rs 11,072. The brokerage pointed out that the company’s second-quarter results were in line with expectations; however, gross margins disappointed, coming in lower than anticipated due to the higher share of new products in the sales mix.
Macquarie also noted that the company’s muted festive outlook is below its expectations, adding further uncertainty in the near term.
The current market price (CMP) for Bajaj Auto stands at Rs 11,622.50, with the market yet to open.
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