Bajaj Auto Ltd, on Tuesday, hit the ₹1 trillion mark in Market Capitalisation. A surge in the domestic equity markets has led industries to look forward to recovering from the economic slowdown and COVID-19 crisis.
Bajaj Auto Ltd is the third company to reach ₹1 trillion market capitalisation, after Maruti Suzuki India Ltd and Mahindra & Mahindra Ltd.
The Bajaj Auto stock touched a record high of ₹3,459.90 per share on the BSE, with a market capitalisation of ₹1.01 trillion. At 09:50 am, the scrip traded at ₹3,451, up 1.1% from its previous close. So far this year, the stock has gained 8.3%.
As the country is gradually coming out of the lockdown and raise in consumer demand, the firm is witnessing the steady recovery in sales.
Arihant Capital in a note said, “Gradual restoration of supply chain and utilisation levels improving at its plants, we expect volumes to reach prior-year levels, along with faster recovery expected in two-wheelers.”
Bajaj Auto Ltd and Maharashtra Government have signed a Memorandum of Understanding (MoU) to set up a ₹650 crore manufacturing unit in Chakan. The plant would make premium motorcycles under the KTM, Husqvarna and Triumph brands along with electric scooters with the capacity to manufacture up to a million motorcycles in a year. The plant is expected to start production by the second half of FY2022-23.
The Government of Maharashtra will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances, fiscal incentives etc. from the concerned departments of the State, as per the existing policies, rules and regulations of the Government of Maharashtra, it said.