Motilal Oswal has maintained buy rating on Bajaj Auto, in its report dated September 2, 2008. "Total volumes increased 2.7% YoY to 200,955 units. 3-Wheelers volumes declined by 4.6% to 24,324 units and YTD de-growth of 11.5%. Based on new product launches, Bajaj expects its domestic motorcycle sales to register double digit growth in 2HFY09. Our current FY09 volume growth estimate is 3.8% for FY09, implying residual growth of 2.1%. For motor cycles, our FY09 estimate is 4% growth and implied residual growth is 0.3%. We will be upgrading our estimates. The stock trades at P/E of 10x FY09E and 8.6x FY10E. we have maintained buy rating on this," says Motilal Oswal report.

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