Shares of Bajaj Auto Ltd. rose the most in over three years after the company reported its best May sales growth in eight years, driven by the commercial vehicles segment.
The Pune-based two- and three-wheeler maker sold 4.07 lakh units last month, an increase of 30 percent over the year-ago period, it said in a statement today. Overall motorcycle sales increased 24 percent to 3.42 lakh units. In the domestic market, motorcycle sales rose 23 percent to 1.92 lakh units.
Commercial Vehicles Sales Jump
The company’s commercial vehicle sales surged 76 percent year-on-year to 64,449 units.
- Domestic sales rose 83 percent to 32,082 units.
- Exports jumped 69 percent to 32,367 units.
Strong Growth In Exports
The company’s exports outperformed domestic sales last month. The automaker shipped 1.82 lakh units, an increase of 31 percent over the year-ago month. That compares with a growth of 29 percent in the domestic market. The company exported 1.5 lakh motorcycles in May, up 24 percent over the year-ago period.
Shares of the company snapped its two-day decline and rose as much as 7.1 percent to Rs 2,944.15 apiece. That compares with a 0.6 percent gain in the Nifty Auto Index.