Shares of Bajaj Auto Limited declined 2 percent to Rs 12,112 apiece in the afternoon trade on October 1, staying in the red for a third trading session in a row as investors took partial profits off the table. This comes just hours after the two- and three-wheeler major declared its sales for September.
The company's total units sold during the month stood at 4,00, 489 including exports, marking a 22 percent increase from the same period of the previous fiscal. Individually, the Pune-headquartered company sold 3,27,712 units domestically, while export figures touched 1,41,156 units.
As for domestic commercial vehicles (CV), Bajaj Auto sold 52,554 units, a marginal increase of just 4 percent as it sold 50,683 vehicles in September 2023. CV exports saw a decent growth of 16 percent as the company exported 16,488 vehicles, compared with 14,163 units in the same month last year.
On September 30, UBS' gave a 'Sell' recommendation on the counter because of a weak festive period, and the inauspicious period – ‘Shradh Paksha’ from September 17–October 2.
UBS suggests that significant discounting in the two-wheeler segment on e-commerce platforms, a trend expected to persist through the festive season. The entry price of electric two-wheelers is notably lower than that of the best-selling ICE motorcycles and scooters.
At about noon shares of the company were trading at Rs 12,205 apiece, lower by 1.3 percent from the last close on the NSE. Bajaj Auto shares have significantly run up since the start of the year, rising over 80 percent and over 200 percent in three years.
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