May 22, 2018 / 4:57 AM / 3 months ago

BUZZ-India's Bajaj Auto rises; brokerages bullish on exports outlook

** Shares of Bajaj Auto Ltd rise as much as 2.78 pct to 2,796.05 rupees

** Nomura raises rating to “buy” from “neutral” and PT to 3,395 rupees from 3,252 rupees

** Exports outlook has improved, especially in African countries such as Nigeria, which benefit from rising oil prices - Nomura

** Credit Suisse raises PT to 3,010 rupees from 2,940 rupees and maintains “neutral” rating

** Expects exports volumes to rise 10 pct to 12 pct in FY19, with 3-wheeler volumes likely to continue to grow in near term - Credit Suisse

** Co posts 35 pct increase in March-quarter net profit on Friday

** Of the 51 brokerages covering the stock, 25 have “buy” or higher ratings, 14 “hold” and 12 “sell” or lower; median price target 3,200 rupees - Thomson Reuters Eikon data

** Stock had lost 18.4 pct this year as of Monday’s close, compared with a fall of 10.6 pct in the Nifty Auto index

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