Bajaj Auto gains 3% on plans to expand 3 wheeler & quadricycle capacity

Bajaj Auto announced its plan to expand 3 wheeler & quadricycle capacity to 1 million per year as Government announces end to permits.

Shares of Bajaj Auto were up by 3% at Rs 2,875 per share on the BSE in an otherwise weak market after the company announced its plan to expand 3 wheelers & quadricycle capacity to 1 million per year as Government announced an end to permits.

At the Society of Indian Automobile Manufacturers (SIAM) convention on Thursday, the Minister for Transport, Nitin Gadkari made a historic announcement moving to a "no-permit" regime for auto rickshaws powered by alternative fuels.

Over the last 12 months, there has been an upsurge in three-wheeler demands in India, owing mainly to permits