Continuing its winning streak for a third day in a row, Bajaj Auto shares gained over 2 percent in the morning trade on April 3, with the automaker reportedly set to introduce its first electric three-wheeler this month.
The product will be launched for both the cargo and passenger vehicle segments, but will be made available in a limited number of cities initially, Hindu Businessline has reported.
At 1o.30 am, the stock was quoting at Rs 3,971.80 on the National Stock Exchange, up by 2.2 percent.
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“It will be a limited launch as we want to take it step by step, as it is very important to give a stable product to the commercial user,” Rakesh Sharma, Executive Director of Bajaj Auto, was quoted as saying by The Hindu .
Foreign brokerage firm JPMorgan's analysts are optimistic about the company’s EV push and expect launches in this vertical to result in a re-rating of the stock.
“Bajaj Auto will be launching several 2W EV models in the coming quarters and has also indicated supply chain restructuring which has reduced costs and improved availability to 10K units/month. They will also launch their 3W EV by 1QFY24,” they wrote in a recent report.
Bajaj Auto's dwindling export numbers, which has been a key pain point for the company, is expected to bottom out soon.
JPMorgan expects a potential recovery from Q2 FY24. It has set a target price of Rs 4,400 on the stock, indicating more than 10 percent upside.
The company is yet to announce its March 2023 sales numbers.
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