Shares of Bajaj Auto today rose nearly 3 per cent after the company reported 13 per cent increase in its net profit for the second quarter ended September 30, 2013.
After making a positive opening, the company scrip further jumped 2.62 per cent to Rs 2,180 on the BSE. On the NSE, the stock climbed 2.46 per cent to Rs 2,178.
“Bajaj Auto recorded a strong Q2 FY’14 performance which was ahead of our expectations driven by a robust performance on the export front aided by favourable currency movement,” Angel Broking said in a report.
Bajaj Auto had yesterday reported 13 per cent increase in its net profit for the second quarter ended September 30, 2013 at Rs 837.16 crore against Rs 740.67 crore during the same period last year, boosted by export gains from rupee depreciation.
The company said its net sales during the quarter under review stood at Rs 5,061.49 crore against Rs 4,817.07 crore in the same quarter last fiscal, up 5.07 per cent.
Export revenue during the quarter stood at Rs 2,125 crore (Rs 1,686 crore), up 26 per cent. This was the highest export revenue, the company had said.