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| Bajaj Auto at new high; earnings, growth plans buoy |
| BS Reporter / Mumbai Aug 03, 2009, 15:52 IST |
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Bajaj Auto pared some of its gains and finally ended at Rs 1,305 - up 6.5%. The stock gained over 8% in the last week. Over 57,222 shares were traded at the counter on the BSE today.
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(Updated at 1243 hrs)
Bajaj Auto has soared on plans of a new motorcycle launch in November.
The stock opened at Rs 1,220, and soon soared 11% to a new 52-week high of Rs 1,356. The stock is now trading at Rs 1,318 - up 7.5%. Around 39,010 shares have been traded so far on the BSE.
This would be the second motorcycle to be lauched by the company this year. Analysts feel it can be in the 100-125cc segment. Currently Bajaj Auto's market share in the 100cc segment stands at 9%, while that of Hero Honda is at 80%. However, Bajaj Auto commands a market share of 21% in the total motorcycle segment.
Bajaj Auto had reported a 67% jump in Q1 net profit at Rs 293 crore in Q1FY10 from Rs 175 crore in the same quarter in the previous fiscal. Net sales grew slightly to Rs 2,258.99 crore from Rs 2,224.38 crore.
Meanwhile, the company has reported flat two-wheeler sales in July at 168,731 units. Three wheeler sales however, grew by 1.5% to 24,104 in the same month.
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