Bajaj Auto rose 0.50% to Rs 3260.45 after the company reported auto sales for October 2019.
Bajaj Auto reported a 9% decline in total auto sales, selling 4.63 lakh units in October 2019 as against 5.06 lakh units October 2018. However, the total auto sales rose 15% on a month-on-month basis from 4.02 lakh units in September 2019.
Total domestic sales fell 13% to 2.78 lakh units in October 2019 as against 3.19 lakh units in October 2018.
Total exports fell 1% to 1.84 lakh units in October 2019 as against 1.86 lakh units in October 2018. The announcement was made during market hours today, 1 November 2019.
In a separate announcement post trading hours yesterday, 31 October 2019, the auto maker informed about the settlement of a decade old patent dispute with TVS Motor.
The company said that it has entered into a settlement agreement with TVS Motor Company on 31 October 2019 to settle a decade old dispute relating to alleged infringement of Bajaj's Patent, defamation suit against the company by TVS Motor and other related proceedings filed against each other, which were pending before the Madras High Court, the Bombay High Court, the Intellectual Property Appellate Board (IPAB), Chennai and courts in Sri Lanka and Mexico.
Both, TVS Motor and Bajaj Auto have mutually agreed to withdraw the pending proceedings and release each other from all liabilities, claims, demands and actions in respect of the pending proceedings. None of them are required to pay any compensation or penalty to the other as part of said settlement and there would no impact on financial position of the company on account of the same.
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