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Bajaj Auto firms up after sales rise in May

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Bajaj Auto was up 2.62% to 3002 at 10:17 IST on the BSE after the company reported 3% increase in total vehicle sales to 4.19 lakh units in May 2019 over May 2018.

Meanwhile, the S&P BSE Sensex was up 184.01 points, or 0.46% to 39,898.21.

On the BSE, 22,000 shares were traded in the counter so far compared with average daily volumes of 37,000 shares in the past two weeks. The stock had hit a high of Rs 3,009.00 and a low of Rs 2,910.00 so far during the day. It hit a 52-week high of Rs 3,213.95 on 12 July 2018 and a 52-week low of Rs 2,425.00 on 25 October 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.

Bajaj Auto's net profit declined 1.1% to Rs 1067.56 crore on 8.6% rise in net sales to Rs 7225.20 crore in Q4 March 2019 over Q4 March 2018.

Bajaj Auto is one of the leading two & three wheeler manufacturers in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 03 2019. 10:17 IST