Shares of Bajaj Finance hit a record high of Rs 3,488 on Tuesday, taking its market capitalisation to Rs 2 lakh crore.

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With Rs 2 lakh crore market cap, Bajaj Finance is 15th in the elite list of companies which includes L&T, Axis Bank, Maruti Suzuki, ONGC, ICICI Bank, Kotak Mahindra Bank, SBI, Infosys, HDFC, ITC and 4 others.

Bajaj Finance has been a game changer for many retail and foreign investors. The stock has gained 30 percent year-to-date and in last one year, the stock has jumped over 63 percent.

So market participants who invested in the stock 14 months back would have seen their investment grow by a massive 104 percent.

On the financial front, Bajaj Finance's consolidated net profits improved by 57 percent YoY at Rs 1,176 crore for the quarter ended March, 2019. Net interest income (NII) for Q4FY19 was up 50 percent to Rs 3,395 crore.

Consolidated assets under management (AUM) went up by 41 percent YoY to Rs 1,15,888 crore. New loans booked increased by 53 percent to 5.83 million from 3.80 million in Q4FY18.

JM Financial maintained 'buy' on the stock with a target price of Rs 3,600 per share.

"Well-positioned to deliver earnings CAGR of 36 percent over FY19-21E driven by strong customer acquisition, rural expansion, housing finance subsidiary scale-up, robust fee income generation and superior asset quality," the research firm said.

"We expect NII CAGR of 30 percent over FY19-21E as its standalone retail deposit share has increased to 15 percent versus 12 percent in March 18," it added.

Emkay also maintained 'buy' with a target price of Rs 3,665 per share, and said that its a pure-play Indian consumption story with a diversified product line and expanding geographies.

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