Nomura upgrades Bajaj Auto to 'buy'

Bajaj Auto rises 1.2% to Rs 1,538  after Nomura upgrades the two-wheeler to "buy" from "neutral," and raises its target price to Rs 1,809 from Rs 1,588.

The brokerage cites compelling valuations, weak rupee, and the launch of the Pulsar and Discovery motorcycles as key reasons for the upgrade.

Bajaj Auto's stock fell 9.6% since the quarter started in April as of Wednesday's close compared with a 6% fall in the Nifty in the corresponding period.