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Bajaj Finance Gains For The Third Straight Day To Hit All-Time High

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Shares of Bajaj Finance rose for the third consecutive trading session on Monday. The stock touched an all-time high of Rs 4,111.75 on NSE.

Earlier on Friday, it touched its previous record high of Rs 4,084 as the week of Finance Ministry's announcement to reduce corporate tax proved favourable for the stock.

Bajaj Finance Gains For The Third Straight Day To Hit All-Time High
 

Analysts remain bullish on the stock as they expect the corporate tax rate cut to boost earnings of non-banking finance companies (NBFC). This earnings will help control the decline in growth seen in the sector.

Further, analysts believe that increase in tax cut led corporate earnings and an increase in manufacturing capital expenditure will be beneficial for the business growth of lending companies.

Bajaj Finance has been one of the strongest stocks in the sector and has rallied almost 88 percent in the 12 months time. For seven consecutive years, the stock has given positive returns to its investors and outpaced the market.

International brokerage JP Morgan has an 'overweight' rating on Bajaj Finance as it believes the NBFC has the capacity to sustain 25%+ loan growth over the next 3 to 5 years. It also said that the company has a high-growth model with multiple growth drivers and a strong management, making it resilient to the near-term cyclical slowdown.

The stock has surpassed JP Morgan's March 2020 price target of Rs 3,800.

Read more about: bajaj finance
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