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Bajaj Auto gains after partnership with Triumph Motorcycles

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rose 0.89% to Rs 2915.80 at 15:09 on after the company entered into a partnership with Triumph Motorcycles

The announcement was made during trading hours today, 8 August 2017.

Meanwhile, the S&P Sensex was down 261.11 points, or 0.81% to 32,012.56.

On the BSE, 79,000 shares were traded in the counter so far, compared with average daily volumes of 26,665 shares in the past one quarter. The stock had hit a high of Rs 2,988.45 and a low of Rs 2,879.85 so far during the day. The stock hit a 52-week high of Rs 3,122 on 9 September 2016. The stock hit a 52-week low of Rs 2,510 on 15 November 2016.

The stock had outperformed the market over the past one month till 7 August 2017, rising 6.72% compared with 2.91% rise in the Sensex. The scrip had underperformed the market in past one quarter, rising 1.01% as against Sensex's 7.82% rise. The scrip had underperformed the market in past one year, rising 0.59% as against Sensex's 14.52% rise.

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

and Triumph Motorcycles announced their global partnership. The non-equity partnership will enable both companies to benefit from their collective strengths of mid-capacity motorcycles, said in an exchange filing. The new global partnership will enable Triumph to significantly expand its global reach by entering new higher volume market segments, especially in emerging markets, the company said.

While Bajaj will gain access to iconic Triumph brand and motorcycles. It will be able to offer wider range in domestic markets and other international markets. The companies will announce further details later, the statement said.

Last week, Bajaj Auto announced that its total sales dropped 7% to 3.07 lakh units in July 2017 over July 2016. Domestic sales fell 6% to 1.86 lakh units in July 2017 over July 2016. Exports fell 8% to 1.21 lakh units in July 2017 over July 2016.

On a consolidated basis, Bajaj Auto's net profit declined 19.52% to Rs 836.74 crore on 5.58% decline in net sales to Rs 5328.48 crore in Q1 June 2017 over Q1 June 2016.

Bajaj Auto manufactures motorcycles, three-wheelers and quadricycles. The company is the world's third largest motorcycle manufacturer and is the largest three wheeler and quadricycle manufacturer.

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

First Published: Tue, August 08 2017. 15:08 IST