On March 21 Bajaj Finance shares made a new high following the appointment of Managing Director Rajeev Jain as the Vice Chairman. The stock rose by 2.46% to ₹8,893 at 11:15 am touching the highest of ₹9,070. Jain will head Bajaj Finance’s operations and also look after the new ventures in healthcare and the changes in the group’s insurance companies. Bajaj Finserv, the parent company of Bajaj Finance, owns 54 percent of the ₹3.25 lakh crore lending major. After the promotion of Jain, the leading brokerages have revised the target prices of Bajaj Finance. CLSA has set the highest target of ₹11,000 per share, with a 27% potential upside. BofA Securities also kept its ‘buy’ rating on the stock and lifted its target price to ₹10,500, with a compliment on the company’s succession planning. Citi Research and Morgan Stanley also increased their target prices to ₹10,200 and ₹10,500 respectively, advising to strong buy. Citi noted that Jain’s leadership continuity offers strategic clarity to mitigate risks arising from management transition. Morgan Stanley also agreed with this view and pointed out that Jain’s presence at Bajaj Finance will enhance investors’ confidence and lead to the removal of long-term uncertainties. As Bajaj Finance’s stock continues to rise, with analysts becoming more optimistic, the promotion of Jain appears to bring about a sense of stability, as well as a clear plan for the future.
Bajaj Finance Shares Surge to Record High
