We expect further growth in advances in the coming months, as festive season kicks in. However, it remains to be seen, how the company fares on managing its NPA levels as well as the progress on its transformation initiative. The stock has rallied in recent past, and there's limited upside potential seen from current levels. We therefore maintain our HOLD rating with a revised target price of Rs. 7,898 based on 11x FY23E BVPS. Credit growth revival aids topline During Q2FY22, Bajaj Finance's net interest income rose 28.4% YoY to Rs. 5,334cr, led...