Bajaj Auto and TVS Motor hit all-time highs, Hero MotoCorp races to 52-week high after JP Morgan revises targets
Bajaj Auto rose to a 52-week high of Rs 5,939.05, Hero MotoCorp jumped to a 52-week high of Rs 3519.00, while TVS raced to a 52-week high of Rs 1784.00 in morning deals on Thursday.
Auto Stocks: Bajaj Auto and TVS Motor shares hit all-time highs, while Hero MotoCorp rose to its sixth 52-week high in nine days as auto stocks showed strong rally on BSE on Thursday (November 23) after brokerage JP Morgan raised targets on two-wheeler stocks.
Bajaj Auto rose to an all-time high of Rs 5,939.05; TVS raced to its all-time high of Rs 1,784.00; while Hero MotoCorp jumped to its 52-week high of Rs 3,519.00 in morning deals on Thursday.
Two wheeler stocks draw investors
Bajaj Auto rise on Thursday is its fifth 52-week high in eight days, TVS Motor hit its fourth 52-high week in nine days, while Hero MotoCorp rose to its sixth 52-week high in nine days, on BSE on Thursday (November 23) as investors showed huge interest in two-wheeler stocks.
The rally of two-wheeler stocks on Thursday came after one of the leading brokerages, JP Morgan, raised its targets for Bajaj Auto, TVS Motor and Hero MotoCorp.
What are JP Morgan's targets for two wheelers
On Bajaj Auto
The brokerage has maintain an 'overweight' rating on the company, raising the target to Rs 6,400 from Rs 6,100.
On Hero MotoCorp
JP Morgan has maintained an 'overweight' rating on Hero MotoCorp with target raise to Rs 3,750 from Rs 3,500.
TVS Motor Co
The brokerage firm has maintained an 'overweight' rating on TVS Motor, raising the target to Rs 1,830 from Rs 1,735.
Why Bajaj Auto shares are on a rally today?
Bajaj Auto shares are rallying for a number of reasons-
- Bajaj Auto reported a standalone net profit of Rs 1,836.1 crore for the July-September period, a jump of 20 per cent on a year-on-year (YoY) basis.
- As per analysts, the automaker's 125 CC+ bikes saw 50 per cent YoY growth during the festive season, and the overall growth of the company increased by 20 per cent YoY.
- Bajaj Auto has retained its market share of above 80 per cent in the three-wheeler segment.
- The sale of Triumph Motorcycles are better than expected. The company is aiming at producing and distributing up to 10,000 units per month.
Why TVS Motor shares are on a rally today?
TVS Motor said on Wednesday that it had entered the Vietnamese market in collaboration with Minh Long Motor, its distribution partner. TVS Motor Company will offer a range of scooters and motorcycles across multiple price points, in keeping with its commitment to responsible and sustainable mobility. The company’s entry into Vietnam is its second major global foray in two weeks. Last week, the company announced its entry into Europe, starting with France," added the company's release.
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