Bajaj Auto Gains 2.5% On Good Rural Demand

Mumbai, Sept 17: | Updated: Sep 18 2003, 05:30am hrs
The stock of Bajaj Auto Ltd (BAL) gained on Wednesday on the back of good prospective sales of two-wheeler and motorbikes in particular from the rural areas.

The stock opened at Rs 730 touched an intra-day high of Rs 740 before finally settling at Rs 737.35 on The Stock Exchange, Mumbai (BSE), gaining by 2.47 per cent.

On the National Stock Exc-hange (NSE) the share price of BAL appreciated by 5.05 per cent to end the day at Rs 736.75, as compared with its earlier closing of Rs 701.30.

BAL touched a low of Rs 725 on BSE, while on NSE it dropped to Rs 717.

A total of 35,704 BAL shares changed hands on the counter, while on NSE it clocked total traded volumes of 1,47,490 shares.

According to dealers there was buying activity in both BAL and Maruti Udyog Ltd. (MUL) by foreign institutions on Wednesday.

Said a dealer with a domestic brokerage house, Post monsoon there would be a good rural demand for two wheelers. Disposable income at the hands of the consumer is likely to increase which will lead to increased spending.