Bajaj Auto inches up after unveiling Chetak electric scooter

Bajaj Auto rose 0.74% to Rs 3,031.70 after the company launched its electric scooter, Chetak.

The new Chetak will be available in two variants and offer a range of 85 kilometre and 95 kilometre. The company did not reveal the price of the product and will announce it before beginning dispatches.

Bajaj stopped manufacturing traditional fuel scooters around 2009 in order to focus on motorcycles.

The Union Minister for Road, Transport and Highways, Nitin Gadkari, was quotes by the media saying, "I am confident that this product will get lots of success in both domestic and international markets."

Shares of Bajaj Auto gained 4.97% to its current market price of Rs 3,031.70 in four trading sessions from its previous closing low of Rs 2,888 on 10 October 2019.

Meanwhile, the S&P BSE Sensex was up 19 points or 0.05% to 38,525.13.

On the BSE, 17,090 shares were traded in the counter so far compared with average daily volumes of 11,555 shares in the past two weeks. The stock hit an intraday high of Rs 3,050 and an intraday low of Rs 3,017 so far during the day.

The stock hit a 52-week high of Rs 3,145.55 on 17 May 2019. The stock hit a 52-week low of Rs 2,400 on 29 July 2019.

On a consolidated basis, Bajaj Auto's net profit declined 2.8% to Rs 1,012.17 crore on a 4.1% increase in net sales to Rs 7,565.01 crore in Q1 June 2019 over Q1 June 2018.

Bajaj Auto will announce Q2 results on 23 October 2019.

Bajaj Auto is a global two-wheeler company and three-wheeler manufacturing company. It manufactures motorcycles, scooters and auto rickshaws.

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