Two-wheeler stocks in demand

Shares of three two-wheeler companies rose by 3.75% to 5.32% at 14:50 IST on BSE after reporting monthly sales numbers.

The S&P BSE Sensex was up 484.05 points, or 1.22% at 40,198.25.

Bajaj Auto was up 3.75% after the company reported 3% increase in total vehicle sales to 4.19 lakh units in May 2019 over May 2018. Bajaj Auto's total domestic vehicle sales increased 5% to 2.35 lakh units. Total export rose by 1% to 1.83 lakh units in May 2019 over May 2018.

In a separate announcement during trading hours today, Bajaj Auto said that it has agreed on new electric vehicle alliance with KTM Industries AG. As per the deal, Bajaj Auto and KTM Industries AG will develop a common 48 volt electric two-wheeler platform in the power range 3 to 10 kW for planned serial production in India. This platform will support different product variants - scooters, mopeds, small mopeds, under brands of both partners. The serial production will start at Bajaj's production site in Pune by 2022.

TVS Motor Company was up 4.26%. The company registered sales of 3.07 lakh units in May 2019 as against 3.09 lakh units in the month of May 2018.

Hero MotoCorp was up 5.32%. The company reported sales of 6.52 lakh units of motorcycles and scooters in the month of May 2019. The company recorded a sequential increase in sales compared to the previous month (April 2019) when it sold 5.74 lakh units of two-wheelers.

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