Shares in key Indian two-wheeler manufacturers rallied today, following JP Morgan's raised target prices for the sector. Bajaj Auto, Hero MotoCorp, and TVS Motor all saw their shares surge on the news of the revised targets, reflecting investor confidence in the growth prospects of these companies.
- Bajaj Auto's shares soared to ₹5,939.05.
- Hero MotoCorp's stock escalated to ₹3,519.00.
- TVS Motor's shares advanced to ₹1,784.00.
JP Morgan has maintained an 'overweight' rating on all three companies but increased their target prices:
- Bajaj Auto: The target price was upped to ₹6,400 from the previous target.
- Hero MotoCorp: The target was increased to ₹3,750, maintaining a consistent 'overweight' rating.
- TVS Motor: A new target has been set at ₹1,830 while keeping a steady 'overweight' stance.
The endorsement by JP Morgan suggests a positive outlook for the two-wheeler sector in India, which is one of the largest markets globally for motorcycles and scooters. The revised targets indicate an expectation of robust sales and profitability for these companies in the near future.
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