Business Today
Loading...

Bajaj Auto share price rises despite 70% fall in May sales

Share price of Bajaj Auto gained  2.06% to Rs 2813 compared to the previous close of Rs 2,757 on BSE

Aseem Thapliyal | June 2, 2020 | Updated 13:49 IST
Bajaj Auto share price rises despite 70% fall in May sales
Bajaj Auto stock has gained 8.83% in last 6 days . The stock opened flat today

Bajaj Auto share price rose in trade today despite the firm reporting a 70 per cent decline in total sales in May. Share price of Bajaj Auto gained  2.06% to Rs 2813 compared to the previous close of Rs 2,757 on BSE. Market cap of the firm rose to Rs 80,791 crore. The large cap stock has gained 8.83% in last 6 days . The stock opened flat today.

The large cap stock has lost 5.22% in last one year and declined 13% since the beginning of this year. However, in the last one month, Bajaj Auto stock has gained 8.12% . The stock is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

Market cap of Bajaj Auto rose to Rs 80,342 crore. 38 of 48 brokerages rate the stock "buy" or 'outperform', 16 "hold", three "underperform" and one "sell", according to analysts' recommendations tracked by Reuters.

The firm reported sales of 1,27,128 units in May against 4,19,235 units in the same month last year.

Domestic sales declined by 83 per cent to 40,074 units last month as compared to 2,35,824 units in May 2019. The company further said its total two-wheeler sales were down 69 per cent at 1,12,798 units as compared to 3,65,068 units in the year-ago month. Domestic two-wheeler sales were at 39,286 units last month as against 2,05,721 units in May 2019, a decline of 81 per cent, it added.

Share Market LIVE: Sensex gains 450 points, Nifty at 9,950; Kotak Bank, Bajaj Finance, Sun Pharma top gainers

Bajaj Auto posted a 0.36 per cent rise in consolidated net profit at Rs 1,310.29 crore in Q4. The firm had reported a net profit of Rs 1,305.59 crore in the corresponding quarter last year. Revenue declined 8.15 per cent YoY to Rs 6,815.85 crore during the quarter under review.

"The complete nationwide lockdown on account of Covid-19 has effectively wiped out 40 days, of which 32 days have been in FY21. Now, with the partial ease on lockdown, our manufacturing facilities at Chakan, Waluj and Pantnagar have opened, but are not working at full pace. In near future, we expect to continue to witness the impact of this lockdown," Bajaj Auto said.

The firm declared an interim dividend of Rs 120 per share for year ended 31 March 2020.

Sensex shrugs off Moody's downgrade, gains nearly 500 points

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close