Shares of Bajaj Auto surged nearly 7 per cent today as the company reported better-than-expected fourth quarter earnings.
The stock climbed 6.94 per cent to settle at Rs 2,299.75 on the BSE. During intra-day trading, it jumped 7.57 per cent to Rs 2,313.30.
At the NSE, it ended 6.92 per cent higher to close at Rs 2,300.30.
Led by the surge in the stock, the company's market valuation went up by Rs 4,319.18 crore to Rs 66,547.18 crore.
Bajaj Auto was the top performer among the blue-chips on both Sensex and Nifty.
The stock rebounded soon after the results were announced.
"Bajaj Auto Q4 FY15 results were ahead of our estimates due to better operating performance. Revenues declined 4 per cent y-o-y but were better than our estimate," said Bharat Gianani, Senior Research Analyst - Automobiles, Angel Broking.
Hit by declining sales, Bajaj Auto today reported 18.62 per cent fall in standalone net profit at Rs 621.62 crore for the fourth quarter ended Mach 31.
The company had posted a standalone net profit of Rs 763.93 crore in the same period of previous fiscal, Bajaj Auto said in a filing to the BSE.
Standalone net sales for the quarter under review stood at Rs 4,623.7 crore as against Rs 4,822.66 crore in the same period of previous fiscal, down 4.12 per cent, the company added.
Unit volume sales during the quarter stood at 7,82,669 units as against 9,35,782, down 16.36 per cent.
For the fiscal 2014-15, Bajaj Auto said its consolidated net profit was at Rs 3,025.63 crore as against Rs 3,380.28 crore in the previous fiscal, down 10.49 per cent.
Consolidated net sales during the fiscal were at Rs 21,106.15 crore as against Rs 19,726.28 crore in the previous year, up 6.99 per cent, it added.
In the broader market, the BSE benchmark Sensex ended 27.86 points down at 27,809.35.
