Bajaj Auto rose 1.3% to Rs 2,646.25 at 14:39 IST on BSE on media reports that the company has hiked the prices of its products to partly offset the impact of increased costs in Nigeria.
Meanwhile, the S&P BSE Sensex was up 27.41 points or 0.1% at 28,413.60.
On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 34,737 shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.59% at the day's high of Rs 2,654 so far during the day. The stock lost as much as 0.93% at the day's low of Rs 2,588 so far during the day. The stock had hit a record high of Rs 2,690 on 24 November 2014. The stock had hit a 52-week low of Rs 1,796 on 4 February 2014.
The stock had underperformed the market over the past one month till 26 November 2014, advancing 3.34% compared with the Sensex's 5.72% rise. The scrip had, however, outperformed the market in past one quarter, surging 15.73% as against Sensex's 7.35% rise.
The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.
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According to reports, facing tough business conditions in Nigeria, Bajaj Auto has hiked the prices of its products to partly offset the impact of increased costs there. Nigeria is the biggest export market for Bajaj Auto, accounting for 35% export revenues, as per reports. While Bajaj Auto has increased the retail prices of its two-wheelers and three-wheelers by 4-5% in Nigeria, the balance impact from the increased costs would be shared between the company and the distributor, reports added.
Nigeria has recently devalued its currency Naira to the US dollar by over 8% and at the same time, it has raised key interest rate to a record high.
Bajaj Auto's net profit declined 29.4% to Rs 590.90 crore on 15.1% growth in net sales to Rs 5826.85 crore in Q2 September 2014 over Q2 September 2013.
Bajaj Auto is India's second largest two-wheeler maker after Hero MotoCorp.
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