Shares of Bajaj Auto Limited surged over 3 percent to attain a fresh all-time high of Rs 11,779 in morning trade on September 12 after the Union Cabinet approved 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. This is Bajaj's fourth consecutive day of gains on the bourses.
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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Recently, the company reported strong sales figures for August, with a 16 percent year-on-year increase in total vehicle wholesales, including exports, totaling 3.9 lakh units. Domestic sales also saw a 24 percent rise YoY, reaching 2.53 lakh units in August compared to 2.05 lakh units in the same month last year. In the current fiscal year, Bajaj Auto's overall sales grew by 10 percent YoY to 18 lakh units, comprising 15 lakh two-wheelers and 2.7 lakh three-wheelers.
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The company plans to double its EV distribution network from 500 to 1,000 stores in the coming months, anticipating significant growth in Chetak sales. Currently, approximately 42 brokerage houses cover Bajaj Auto stock: 18 have a 'buy' rating, 10 suggest 'hold,' and 14 recommend 'sell.'
At about 10:45 am, shares of the company were trading at Rs 11,732, up 2.8 percent from the last close on the NSE. Bajaj Auto shares have rallied a massive 20 percent in the past month.
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