Stocks

Bajaj Auto rides up after profit increases amid demand slump

Reuters July 26 | Updated on July 26, 2019 Published on July 26, 2019

Shares of two- and three-wheeler maker Bajaj Auto Ltd climbed 5.2 per cent to Rs 2,679.95, marking the sharpest intra-day gain in 10 weeks.

Bajaj Auto's quarterly profit rose nearly 1 per cent to Rs 1,126 crore ($163.18 mln) amid a slump in demand domestically, but beat analyst estimates for a profit of Rs 1,078 crore.

More than 1.7 million shares changed hands, versus the 30-day moving average volume of 388,659. The stock is among the top per cent gainers on the NSE and BSE indexes on Friday; down 6.4 per cent this year as of last close.

Fifteen of 46 analysts covering the stock have a “buy” or “strong buy” rating, 13 have “hold” while 18 rate it at “sell” or “strong sell”; median PT is Rs 2,823, according to Refinitiv data.

Shares of rival Hero MotoCorp Ltd, which are down 23.1 per cent year-to-date, rose as much as 4.2 per cent on Friday.

The Nifty Auto Index rose as much as 3.1 per cent ($1 = 69.0033 rupees)

Published on July 26, 2019
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