Bajaj Auto drops after muted growth in October sales

Bajaj Auto lost 1.55% to Rs 2,568.65 at 12:29 IST on BSE after the company said it has reported a muted sales growth in October 2014 at 3.86 lakh units compared to 3.85 lakh units sold in October 2013.

The sales numbers were announced during market hours today, 3 November 2014.

Meanwhile, the S&P BSE Sensex was down 27.54 points or 0.1% at 27,838.29.

On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 36,587 shares in the past one quarter.

The stock hit a high of Rs 2,600.70 and a low of Rs 2,553.40 so far during the day. The stock had hit a 52-week low of Rs 1,796 on 4 February 2014. The stock had hit a record high of Rs 2,621.85 on 31 October 2014.

The stock had outperformed the market over the past one month till 31 October 2014, surging 11.07% compared with Sensex's 4.64% rise. The scrip had also outperformed the market in past one quarter, galloping 25.54% as against Sensex's 7.61% rise.

The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Auto's motorcycles sales declined 3% to 3.36 lakh units in October 2014 over October 2013. Sales of commercial vehicles rose 33% to 49,094 units in October 2014 over October 2013. Exports rose 15% to 1.58 lakh units in October 2014 over October 2013.

Bajaj Auto's net profit declined 29.4% to Rs 590.90 crore on 15.1% growth in net sales to Rs 5826.85 crore in Q2 September 2014 over Q2 September 2013.

Bajaj Auto is India's second largest two-wheeler maker after Hero MotoCorp.

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