Buzzing Stock: Shares of Sadbhav Infrastructure fell nearly 7 percent intraday on Thursday as investors turned cautious on buzz of taxman’s actions.
According to a report on CNBC-Awaaz, the premises of the firm were searched by the Income Tax Department.
At 11:58 hrs, Sadbhav Infrastructure Projects was quoting at Rs 96.00, down Rs 3.75, or 3.76 percent.
Brokerage view: Bajaj Auto share price rallied nearly 2 percent after Morgan Stanley has upgraded the stock to overweight from underweight and also raised target price to Rs 3,251 (from Rs 2,502 earlier), implying 17 percent upside.
“The stock has underperformed BSE Sensex by 10 percent over past year, consensus is negative and we now take a contrarian view and upgrade Bajaj Auto to overweight,” it reasons.
The brokerage house says it now applies an 18x FY19 P/E multiple against 15x earlier, to reflect sector rerating, trough earnings and potential for higher dividend yield, as cash to market capitalisation is expected to rise to 21 percent by FY19. It would use any weakness in the stock post Q4FY17 earnings to build positions.