Bajaj Auto rose 1.21% to Rs 3211 after the two-wheeler major's total sales rose 5% to 4,22,240 units in November 2020 from 4,03,223 units in November 2019.Sequentially, the total sales declined 17.54% in November 2020 compared with 5,12,038 units sold in October 2020.
Bajaj Auto's total domestic sales fell 4% to 1,98,933 units while total exports expanded 14% to 2,23,307 units in November 2020 over November 2019. The announcement was made today, 1 December 2020.
Meanwhile, Bajaj Auto and partner KTM have restarted talks on transferring the 48% stake held by the Indian company in the Austrian bike maker back to its holding entity.
Pierer Industrie AG holds more than 60% of the shares of PIERER Mobility AG. The listed company PIERER Mobility AG holds approximately 51.7% of the shares of KTM AG. Bajaj Auto International Holdings BV (referred to as Bajaj) holds approximately 48% of the shares of the operating KTM AG. Pierer Industrie AG and Bajaj will now evaluate the proposals in detail.
If a decision is taken to execute the transaction, PIERER Mobility AG will consider the legal and economic requirements and conditions of a capital increase by contribution in kind from the existing authorized capital of the company. The authorized capital enables a capital increase of up to 50% of the existing share capital. After the transaction, the stake of PIERER Mobility AG in KTM AG increases from currently 51.7% to approximately 99.7%.
The company's consolidated net profit skid 21.6% to Rs 1,193.97 crore on 6.1% fall in net sales to Rs 7,041.48 crore in Q2 September 2020 over Q2 September 2019.
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