Bajaj Auto shares jump nearly 3% post Q2 results

PTI Posted online: Thursday, Oct 17, 2013 at 0000 hrs
Mumbai : Shares of Bajaj Auto on Thursday rose by nearly 3 per cent after the company reported 13 per cent increase in its net profit for the second quarter ended September 30.

After making a positive opening, Bajaj Auto's scrip further jumped 2.62 per cent to Rs 2,180 on the BSE.

On the NSE, the stock climbed 2.46 per cent to Rs 2,178.

The results of Bajaj Auto were announced yesterday when domestic stock markets were closed for a public holiday.

"Bajaj Auto recorded a strong Q2 FY'14 performance which was ahead of our expectations driven by a robust performance on the exports front aided by favourable currency movement," Angel Broking said in a report.

Bajaj Auto yesterday reported 13 per cent increase in its net profit for the second quarter ended September 30 at Rs 837.16 crore as against Rs 740.67 crore during the same period last year, boosted by export gains from rupee depreciation.

The company said its net sales during the quarter under review stood at Rs 5,061.49 crore as against Rs 4,817.07 crore in the same quarter last fiscal, up 5.07 per cent.

Export revenue during the quarter stood at Rs 2,125 crore as against Rs 1,686 crore in the same period last fiscal, up 26 per cent. This was the highest export revenue, the company had said.

At close of trade today, shares of Bajaj Auto were up 1.92 per cent at Rs 2,164.90 on the BSE. In intra-day, the scrip gained 3.38 per cent to Rs 2,193.85.

On the NSE, Bajaj Auto's scrip settled for the day at Rs 2,139, up 0.63 per cent from its previous close.

In terms of volume, 12.49 lakh shares of the company changed hands on the BSE, while over 23 lakh shares were traded on the NSE during the day.

In the broader market, the BSE benchmark Sensex ended the day at 20,415.51, down 132.11 points.