Hero MotoCorp, Bajaj Auto shares rise up to 5% after strong October sales data

By: | Updated: November 2, 2018 11:53 AM

Shares of two-wheeler makers Hero MotoCorp and Bajaj Auto rose up to 5% on the domestic bourses on Friday after the companies reported strong sales numbers for the month of October.

Auto-makers shares gain: Shares of two-wheeler makers Hero MotoCorp and Bajaj Auto rose up to 5% on the domestic bourses on Friday after the companies reported strong sales numbers for the month of October. Hero MotoCorp share price edged higher by 4.9% to an intra-day high of Rs 2,929 per share on the National Stock Exchange during the mid-morning trade deals today. Hero MotoCorp, the market leader in the two-wheeler segment, reported 16.4% rise in total sales at 7,34,668 units for October.

Bajaj Auto share price rose 3.89% to a high of Rs 2,700 per share, marking the sharpest daily percentage gain since October 12. Bajaj Auto shares rose to a four-week high today after the company reported a 32% jump in its October vehicles sales. The company’s October motorcycles sales too climbed 33% to 432,985 vehicles. The shares of Bajaj Auto gained for the seventh straight session today.

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Along with Bajaj Auto and Hero MotoCorp, shares of Anand Mahindra-led M&M gained over 5.27% to hit an intra-day high of Rs 795.90 on the BSE. The company had reported a 17% growth in total tractor sales for October at 47,376 units, while total exports rose 2% to 1,064 units. Maruti Suzuki share price gained more than 4.5% despite the company reporting weak sales numbers in October.

Overall, the Nifty auto index was trading 3.76% higher, led by gains in Motherson Sumi Systems, Hero MotoCorp, M&M, Maruti Suzuki, Eicher Motors and Bajaj-Auto shares. The domestic equity markets were also trading with substantial gains on Friday tracking strong global cues. The BSE Sensex surged nearly 600 points to an intra-day high of 35,029.28 points, while the Nifty traded firmly above the 10,550-level.

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