Buoyed by record December sales numbers, the Bajaj Auto stock touched a record high during Wednesday’s trading session. On the BSE, the stock touched Rs 2,214, up 3.6 per cent from its previous close, but ended the day slightly lower at Rs 2,202.60. On the NSE, the stock hit a 52-week high of Rs 2215, up 3.9 per cent from its previous close.
It closed at Rs 2202.25, up 3.3 per cent. The overall December sales number for the Pune-based company was up 13 per cent. Its motorcycles and commercial vehicles sales numbers grew 13 per cent and 9 per cent respectively.
According to market analysts, December usually sees a drop in sales as consumers postpone purchases till the New Year. However, Bajaj Auto, through its aggressive marketing strategies seems to have bucked the trend.
“Bajaj Auto has seen the best performance and investors are keen on buying this stock. This stock is expected to do well in the coming quarters, if interest rates start coming down,” said Alex Mathew, Head of Research, Geojit BNP Paribas Financial Services.
Due to the strong correlation between the stock and the benchmark indices (Nifty and Sensex) will see company’s stock price rise further, said market experts. In the last three months, the stock gained by 21.5 per cent.