On May 4, Murugappa Group firm Cholamandalam Investment and Finance Company’s shares soared nearly 9% after the company reported better earnings. The robust growth in disbursals and collections contributed to this success at large.

At 9:30 am, Cholamandalam Investment quoted Rs 960 on the BSE, up 8.3% from its earlier close, while benchmark Sensex rose 0.11% to 61,262.39 points.

After healthy earnings, JP Morgan has double upgraded the stock by giving an ‘overweight’ rating from ‘underweight’, having a target price of Rs 1,020 per share.

Macquarie showed an ‘outperform’ rating, increasing the target price to Rs 860 per share. CLSA gave a ‘buy’ rating and plunged its price target to Rs 1,070 a share from the current market price.

Jefferies India stated that Cholamandalam Investment is their utmost pick by keeping a target price of Rs 900 per share from its current market price.

On the contrary, Elara Securities downgraded the share to ‘accumulate’ from a ‘buy’ rating, keeping a target price of Rs 930 a share, up 5% from its current market price.

The firm estimated a 24% increase in standalone net profit, calculating Rs 853 crore, during the March ending quarter. The aggregate standalone revenue from operations grew 43% YoY, reaching Rs 3,701 crore, compared to Rs 2,580 crore in the last year’s quarter.