Bajaj Auto up 2% on robust sales target for FY11

Bajaj Auto has rallied 2% to Rs 2,040, after the company announced it sales target of four million vehicles in FY2011.

The company had achieved a record sales of 2.85 million vehicles in FY2010, the highest ever in its history. This includes exports of nearly 900,000 vehicles, also the highest ever in its history.

“The success of the twin brand strategy of Discover and Pulsar, helps the company to report a record sales during FY10. In view of the above, the company has set itself a target of 4 million vehicles including 1 million exports in FY11”, the company said in its statement to the stock exchange.

The company has posted 106% jump in net profit to Rs 1,172 crore during first nine months of FY10, as compared to Rs 525 crore net profit reported in same period of previous fiscal.

The stock opened at Rs 2,004 and touched high of Rs 2,043 on the BSE. The counter has seen 36,000 equity shares change hands so far.