Research Notes – January 24, 2011
‘Buy reiterated on Bajaj Auto – TP Rs.1650 Bajaj Auto has reported better than expected numbers for 3QFY11. Earnings increased 31.5% yoy, beating analysts’ estimates by 6.8%. Operating profit margin looked 70bps better than expectations on lower than expected operating expenses, accounting for half of the EPS beat. The company has been […]