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Bajaj Finance is India’s best performing NBFC. All-round growth in every division and strong control over NPAs has been the hallmark of this company which explains its premium valuation. Cross sell opportunities and geographical expansion provide adequate headroom for growth. Given the underlying potential, excellent business model and aggressive management, we are very positive on long term prospects of the company. Recent corona virus pandemic has led to higher defaults and credit costs however, most of these issues are behind now and FY22 will start on a clean slate. We have an over weight rating on the stock due quality of management and opportunities in retail lending – 28-04-2021 Price: 5279.15 Rating: Over Weight Recommendation: Buy

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