Bajaj Auto share price rose in early trade today after the firm logged 3% rise in May sales. Sales for the automaker rose to 4,19,235 units last month compared to 4,07,044 units during the same period in last fiscal. Bajaj Auto share price rose 2.99% to 3,012 compared to the previous close of 2,925.25 on BSE. The stock has gained 4% during the last one year and gained 10.67% since the beginning of this year.
16 of 47 brokerages rate the stock "buy" or 'outperform', 14 "hold" and 17 "underperform" or "sell", according to analysts' recommendations tracked by Reuters.
Bajaj Auto share price was trading above its 50-day and 200 day moving average of 3,014 and 2,847 levels, respectively.
Domestic sales of motorcycles rose 7% to 2,05,721 in May this year compared to 1,92,543 units in the same period last year. Motorcycles exports rose 6% to 1,59,437 compared to 150052 in the same period last year. Commercial vehicles sales declined by 16 per cent to 54,167 units during the month compared to64, 449 units in the year-ago period. Exports stood at 1,83,411 units in the previous month as against 1,82,419 units in the same month of 2018, an increase of one per cent.
Aditionally, KTM and Bajaj have agreed to build a new electric vehicle platform. A 48 volt electric two-wheeler platform in the power range 3 to 10 kW will be built for serial production in India.This platform will support different product variants - scooters, mopeds, small mopeds, under brands of both partners. The serial production will start at Bajaj's production site in Pune by 2022.
Meanwhile, Sensex rose 175 points to 39,889 and Nifty gained 50 points to 11,972 in early trade.
Edited by Aseem Thapliyal