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Futures Trade | Bajaj Auto breaking out of an ascending triangle pattern

Bullish morning star at the support zone in Bajaj Auto

August 03, 2022 / 06:33 AM IST
Futures Trade | Bajaj Auto breaking out of an ascending triangle pattern

Bajaj Auto | CMP: Rs 3624.60 | The share price slipped 5 percent after the company reported weak two-wheeler sales for June. Bajaj Auto’s domestic two-wheeler sales fell 20 percent year-on-year to 125,083 units in June despite the year-ago month being partially affected by the second wave of the COVID-19 pandemic. Overall, two-wheeler sales rose merely 2 percent on a year-on-year basis to 315,948 units in the previous month as the company continues to face challenges relating to securing semiconductors. Analysts had expected the company to report around 321,000 units of sales volumes for June. Expectations in the market were that two-wheeler sales were seeing a recovery owing to good rabi season crops. The firm on June 27 informed stock exchanges that the company has approved the buyback of shares worth up to Rs 2,500 crore. The two-wheeler major intends to buy back 54.35 lakh shares aggregating up to 1.88 percent of the paid-up share capital via the open market at Rs 4,600 apiece.

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