Bajaj Auto rose 2.54% to Rs 2008.95 at 9:48 IST on BSE on reports the company will resume exports to Egypt after the country lifted ban on imports of two-wheelers and three-wheelers.
Meanwhile, the BSE Sensex was up 100.80 points, or 0.41%, to 24,398.82.
On BSE, so far 12,000 shares were traded in the counter, compared with an average volume of 21,528 shares in the past one quarter.
The stock hit a high of Rs 2,028.60 and a low of Rs 1,999 so far during the day. The stock hit a 52-week high of Rs 2,193.85 on 17 October 2013. The stock hit a 52-week low of Rs 1,683.35 on 28 August 2013.
The stock had underperformed the market over the past one month till 21 May 2014, falling 2.68% compared with 6.73% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.45% as against Sensex's 17.38% rise.
The large-cap company has an equity capital of Rs 289.37 crore. Face value per share is Rs 10.
According to reports, Egypt lifted a ban on import of two wheelers and three wheelers, after more than three months. For Bajaj Auto, the biggest exporter of three-wheelers, Egypt is the second biggest export market for the company after Sri Lanka.
Egypt banned the imports of two-wheelers and three-wheelers in the middle of February this year. A committee was set up, to look into the matter, as three-wheelers were considered as common man's transport.
Meanwhile, Bajaj Auto has reportedly received an export order from Egypt for 5500 three wheelers and 3500 motorcycles for the month of June 2014.
Bajaj Auto's net profit fell 0.24% to Rs 763.93 crore on 2.55% increase in total income to Rs 5117.10 crore in Q4 March 2014 over Q4 March 2013.
Bajaj Auto is India's second largest two-wheeler maker after Hero MotoCorp.
Powered by Capital Market - Live News
