Bajaj Auto share price closes higher on rise in June sales

Bajaj Auto share price rose in trade today after the firm logged a marginal increase in June sales at 4,04,624 units as against 4,04,429 units in the year-ago month. Bajaj Auto share price rose up to 3.09% to Rs 2,915.55  compared to the previous close of 2,828 on BSE. The stock closed 3.14% or 88 points higher at 2917 level on BSE.

15 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 below its 50-day moving average of 2,943 and above its 200-day moving average of 24,085 levels, respectively. Bajaj Auto share price has gained after 2 days of consecutive fall. Bajaj Auto share price has gained 7.25% since the beginning of this year and risen 3.72% during the last one year.

Total domestic sales stood at 2,29,225 units last month as compared to 2,34,576 units in June 2018, a decline of 2 per cent, Bajaj Auto said. Motorcycle sales in the domestic market were down 1 per cent to 1,99,340 units in June as against 2,00,949 units in the same month a year ago, it added. Similarly, commercial vehicle sales in the domestic market also declined by 11 per cent to 29,885 units last month as compared to 33,627 units in June last year.

Total exports in June, however, grew by 3 per cent to 1,75,399 units from 1,69,853 units in the same month last year.

Bajaj Auto said its motorcycle exports grew by 11 per cent to 1,51,951 units in June this year from 1,36,803 units in the year-ago month.

Commercial vehicle exports were, however, down by 29 per cent at 23,448 units as against 33,050 units in the same month last year, the company said.

 Edited by Aseem Thapliyal