India's Cholamandalam Investment hits record high; Jefferies raises TP
** Shares of vehicle finance co Cholamandalam Investment and Finance CHLA.NS rise 3% to 1,566.75 rupees, hitting a record high
** Jefferies raises target price for CHLA to 1800 rupees to a street-high, ~19% upside from last close; maintains "buy" rating
** Expects CHLA's loan growth to hold up at 27% in FY25 despite softer trends in select auto segments
** Adds strong auto franchise alongside focus on non-auto business including home loans to aid overall group loan growth in FY25
** Collections in auto loans for the industry have been steady leading to expectations of stable asset quality and seasonally lower credit costs in second half of the year - Jefferies
** Avg rating of 33 analysts covering the stock at "buy"; median PT is at 1,535 rupees - LSEG data
** Stock up ~25% YTD vs a ~11% rise in Nifty financial services index .NIFTYFIN
Reporting by Dimpal Gulwani in Bengaluru
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