Shares of Bajaj Auto on Thursday closed over 3 per cent higher after its fourth-quarter earnings were ahead of market estimates.
On the BSE, the scrip closed at Rs 2,639.45, a rise of 3.18 per cent. During the day, it gained 6.44 per cent to Rs 2,722.80.
It rose by 2.70 per cent to close at Rs 2,627 on the National Stock Exchange.
With strong performance in a tough quarter, Bajaj Auto reported ahead-of-estimates March 2020 quarter earnings, Edelweiss Securities said in a note.
Bajaj Auto on Wednesday posted a 3.86 per cent fall in its consolidated net profit to Rs 1,353.99 crore for the fourth quarter ended March 31.
The company had reported a net profit of Rs 1,408.49 crore for the January-March quarter of 2018-19.
Its total revenue from operations declined to Rs 6,815.85 crore for the fourth quarter as against Rs 7,420.6 crore in the corresponding period of 2018-19, Bajaj Auto said in a regulatory filing.
For the year ended March 31, the company posted a net profit of Rs 5,211.91 crore as compared with Rs 4,927.61 crore in 2018-19.
"Bajaj Auto posted a strong set of numbers in the fourth quarter of 2019-20, as a volume fall of 17 per cent year-on-year was quite arrested by a 10.1 per cent hike in realisations on a better product mix and benign hike in input costs," Ashwin Patil, senior research analyst at LKP Securities, said.
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