Comments
Shares of Bajaj Auto today hit 7-week high as the company plans to expand its three-wheeler capacity. The stock jumped as much as 3.3 per cent to Rs 2,874, its highest in seven weeks.
Bajaj Auto plans to produce more three-wheelers after the Road Transport and Highways Minister, Nitin Gadkari, said auto-rickshaws running on alternative fuels will no longer need permits to ply. Bajaj Auto, which has an 86 per cent share in the three-wheeler market, intends to produce 10 lakh commercial vehicles every year that include three-wheelers and quadricycles, up from 8.4 lakh units currently.
Bajaj Auto will be the biggest beneficiary from abolition of permit requirement as it commands 86 per cent market share in alternate fuel 3W segment, Abhishek Jain, analyst at HDFC Securities, says in a note.
Bajaj Auto stock was the top percentage gainer on Nifty 50 index, which is down 0.14 per cent as of 0430 GMT. As of last close, the stock was down 16.51 per cent this year.
(With inputs from Reuters)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.