July 20, 2018 / 5:25 AM / 2 months ago

BUZZ-India's Bajaj Finance hits record on strong results; Jefferies raises TP

** Shares of non-banking finance firm Bajaj Finance Ltd climb as much as 6.7 pct to an all-time high of 2,690 rupees

** Jefferies raises TP to 2,900 rupees from 2,400 rupees; keeps “buy” rating

** Stock on track to gain for a third straight session

** More than 3.2 mln shares traded versus their 30-day moving avg of 1.4 mln shares

** Bajaj Finance posted another strong quarter and its core fundamentals are intact, Jefferies says

** Valuations appear steep, but this may sustain unless growth slows or asset quality slips, which is unlikely in near term - Jefferies

** Adds broad-based growth across segments, operating leverage gains should offset modest NIM compression and drive 37 pct EPS CAGR and 20 pct plus ROE over FY 18-21

** Bajaj Group-owned company reported a 81 pct surge in June qtr consolidated PAT during market hours on Thursday

** Stock had risen 43 pct this year up to last close

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