Bajaj Auto Ltd.’s shares declined during Monday’s morning trade as domestic sales dropped, while total sales recorded a slight increase due to robust exports in October 2024. The company achieved a record number of dispatches from its factory to dealerships, marking strong wholesale numbers.
Total sales for October rose by 2% year-on-year to 4,79,707 units, up from 4,71,188 units in the same month last year. This modest growth was primarily driven by a 24% surge in exports, reaching 1,75,876 units. In contrast, domestic sales saw an 8% decline, falling to 3,03,831 units.
Sales of two-wheelers increased by 2% year-on-year to 4,14,372 units, while commercial vehicle sales rose by 4% to 65,335 units. Despite steady growth in exports and two-wheeler sales, the domestic market demand remained soft.
Rakesh Sharma, Bajaj Auto’s executive director, described October’s sales as a success despite slower sales leading up to Dussehra. He highlighted that the final weeks of the month saw significant improvement in retail performance.
Shares of Bajaj Auto dropped as much as 4.81% to Rs 9,401 but later reduced losses, trading 3.87% lower at Rs 9,494.15. The stock’s 12-month gain stands at 75.59%, with Monday’s trading volume reaching twice its 30-day average and an RSI of 28.
