Shares of Bajaj Auto Limited advanced 2.5 percent to Rs 9,124 in mid-day trade on May 2 after the company reported robust monthly sales for April.
The Pune-headquartered company reported 17 percent year-on-year rise in sales to 3,88,256 units in April. During the same period last year, the two-wheeler major sold 3,31,256 units, company data showed.
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As for two-wheelers, April sales rose 19 percent YoY to 3,41,789 units. Both domestic and exports sales in this segment also saw healthy growth of 19 and 18 percent, respectively.
Sale of commercial vehicles jumped 7 percent on year to 46,467 units. Of the total CV sales, exports saw a notable rise of 20 percent while domestic sales gained marginally on year.
Bajaj Auto has declared to line up an ambitious launch pipeline for FY25, including the world's first CNG-fuelled bike.
The company has started making inroads in the Egypt, after the government formally recognized the category of quadricycles for public transportation. Bajaj Auto has started to export its auto taxi Qute to Egypt from April. "The recognition of Qute opens a potentially large segment which we will steadily develop," Bajaj Auto had said in a post-result conference call in April. Bajaj Auto had red flagged the currency situation in Egypt, stating it can't start pushing out as many units as it desires. However, it will be exporting about 250 units immediately, the company said in April.
The Egyptian Pound experienced a significant decline against the dollar in March following the Central Bank of Egypt's decision to raise its main interest rate.
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