Bajaj Auto shares continued their upward momentum, hitting a new record high on September 13 after gaining over 1 percent to Rs 11,894, marking the fifth consecutive session of gains. The upbeat sentiment stems from the Union Cabinet approval of the PM E-Drive scheme with an outlay of Rs 10,900 crore for two years to bolster the adoption of electric vehicles (EVs) in India.
The scheme offers subsidies totalling Rs 3,679 crore to promote the use of battery-powered two and three-wheelers, ambulances, trucks, and other emerging electric vehicles.
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Bajaj Auto recently reported strong sales figures for August, with total vehicle wholesales, including exports, rising 16 percent year-on-year to 3.9 lakh units. Domestic sales jumped 24 percent YoY, reaching 2.53 lakh units in August, up from 2.05 lakh units in the same month last year. In the current fiscal year, overall sales grew by 10 percent YoY to 18 lakh units, including 15 lakh two-wheelers and 2.7 lakh three-wheelers.
The company plans to double its EV distribution network from 500 to 1,000 stores in the coming months, aiming to drive substantial growth in Chetak sales. Currently, about 42 brokerage houses cover Bajaj Auto stock: 18 have a 'buy' rating, 10 recommend 'hold,' and 14 suggest 'sell.'
At about 9:45 am, shares of the company were trading at Rs 11,767, higher by 0.5 percent from the previous close on the National Stock Exchange. Bajaj Auto shares have surged 21 percent in the past month.
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