Bajaj Finserv: NBFC continues to be the sole growth driver : Kotak Sec, PDF link

Bajaj Finserv (BJFIN)
Banks/Financial Institutions
NBFC continues to be the sole growth driver. Bajaj Finserv reported 15% yoy
growth in adjusted profits on the back of modest (4% yoy) growth in earnings of the
life insurance business. Bajaj Finance reported strong performance: 60% yoy loan
growth, stable collections, market share gain in consumer durables finance on the back
of buoyant retail demand. We await better operational trends from the insurance
businesses; retain REDUCE with target price of Rs680.

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link: http://www.kotaksecurities.com/pdf/indiadaily/indiadaily18072012zl.pdf