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Bajaj Auto market capitalisation hits Rs 1 lakh crore mark for first time

Bajaj Auto has become the fourth automobile company to hit the milestone, others being Maruti Suzuki India Ltd, Mahindra & Mahindra Ltd, and Tata Motors

twitter-logoBusinessToday.In | December 29, 2020 | Updated 17:29 IST
Bajaj Auto market capitalisation hits Rs 1 lakh crore mark
Share of Bajaj Auto rose 1.31% to a fresh high of Rs 3,459 against previous close of Rs 3,414 on BSE.

Bajaj Auto share hit its all-time high amid a record rally in Sensex and Nifty today. Share of Bajaj Auto rose 1.31% to a fresh high of Rs 3,459 against previous close of Rs 3,414 on BSE.  The rise took the market cap of the auto firm above Rs 1 lakh crore for the first time. Bajaj Auto has become the fourth automobile company to hit the milestone, others being Maruti Suzuki India Ltd, Mahindra & Mahindra Ltd, and Tata Motors.

The stock has gained 6.34% in the last 5 days. Bajaj Auto share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 6% in one year and risen 8% since the beginning of this year.

Later, the share closed 0.68% higher at Rs 3,437 on BSE. Market cap of the firm ended at Rs 99,486 crore.

The company is on a gradual path of recovery after coronavirus lockdown brought production to a standstill. The firm reported a 5 per cent increase in total sales to 4,22,240 units in November this year.

Share Market Highlights: Sensex ends at record high, Nifty at 13,932; ITC, SBI, HCL Tech, HDFC top gainers

The company had sold 4,03,223 units in the same month a year ago. Total motorcycle sales rose 12 per cent to 3,84,993 units, compared to 3,43,446 units sold in November last year. Domestic sales in November this year stood at 1,98,933 units as against 2,07,775 units, a decline of 4 per cent, Bajaj Auto said.

In Q2, the firm reported a 19 per cent decline in its net profit at Rs 1,138 crore in July-September quarter of FY21, dented by lower interest rates which resulted in reduction of treasury income. The Pune-based auto major had posted net profit of Rs 1,402.42 crore in the corresponding period of last fiscal.

Meanwhile, after opening at lifetime highs, Sensex ended 259 points higher at 47,613 and Nifty gained 59 points to close at 13,932. During today's session, Sensex hit an all-time high of 47,714 and Nifty logged a lifetime high of 13,967.

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