URL copied to clipboard

Bajaj Auto Shares Soar 5% to New High Amid EV Market Gains

Bajaj Auto shares surged 5%, reaching a 52-week high, driven by gains in the two-wheeler EV market and strong investor interest, with a 122% return in the past year.
Bajaj Auto Shares Soar 5% to New High Amid EV Market Gains

Bajaj Auto shares surged nearly 5% on Friday, surpassing the Rs 10,000 mark. The stock opened at Rs 9,970 and reached a new 52-week high of Rs 10,369.90. By around 1 PM, the shares were trading 4% higher at Rs 10,330, with 8.74 lakh shares being traded.

This marks the fourth consecutive session of gains for Bajaj Auto. Currently, the stock is trading above its 5-day, 20-day, 100-day, and 200-day moving averages. The recent rally aligns with the overall positive momentum in the auto sector. Investor interest in Bajaj Auto has also increased, with the 5-day average delivery volume rising by 69% compared to the previous day’s volume.

The positive sentiment around Bajaj Auto is largely due to its growing market share in the two-wheeler electric vehicle (EV) segment. According to Jefferies, the company gained 4-7 percentage points in market share during the first half of 2024, thanks to more affordable EV models.

Additionally, Bajaj Auto became the first automotive original equipment manufacturer (OEM) to receive a domestic value addition (DVA) certificate from the Ministry of Heavy Industries for all 15 of its electric vehicle models.

Bajaj Auto is a large-cap stock and a Nifty 50 constituent, with a market cap of Rs 2,88,949.65 crore as of August 23. The stock has delivered returns of 22% in the last six months, 54% in 2024 so far, and 122% over the past year.

Loading
Read More News