India's Bajaj Finance rises after Morgan Stanley earnings upgrade

Bajaj Finserv

22/03/2023 07:47

** Shares of Bajaj Finance Ltd  BJFN.NS  rise as much as
2.6% to 5,857 rupees, their highest since March 13
    ** BJFN and holding co Bajaj Finserv  BJFS.NS  are among top
gainers in Nifty 50 index  .NSEI  and financials index
 .NIFTYFIN 
    ** Morgan Stanley raised its FY23 earnings estimates for the
NBFC by 2%, citing higher loan growth and net interest margin
along with fall in operating costs
    ** Brokerage also raised its FY24 and FY25 estimates
marginally, as lower operating costs offset higher credit costs
    ** Risk reward remains 'attractive' due to strong earnings
momentum, per brokerage    
    ** About 889,007 shares change hands by 1:04 p.m. IST, 0.9x
the 30-day average of shares - Refinitiv data
    ** Of the 29 analysts covering BJFN, 19 rate it 'buy' or
'strong buy,' three have 'hold' and seven 'sell;' median PT is
7,107 rupees 
    ** Stock down over 13% so far this year, as of last close

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))