BAJAJ FINANCE'S LOAN growth is firmly back, up 9% q-o-q in Q3FY22. We expect the overall medium-term trajectory to remain strong even as a combination of competition across segments, rising rates and investments in new initiatives will exert some pressure. Amid normalising business and asset quality performance, cooling down in the Street's initial euphoria on the new app will temper stock performance, retain Sell; FV of Medium-term outlook bright; execution risk for new app not reflected in valuation; 'Sell' retained with TP of ₹6350 (5.9X book FY2024e), rolled over from Medium-term outlook bright; execution risk for new app not reflected in valuation; 'Sell' retained with TP of ₹6,000.
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