Bajaj Auto shares rallied 2.7 percent intraday on June 3 after better-than-expected sales data for May.
The two and three-wheeler maker reported a 3 percent increase in its sales at 4.19 lakh units for May, against 4.07 lakh units sold in the same month last year, driven by motorcycle sales.
Nomura had expected the same at 4.17 lakh units for May.
Company's domestic sales increased 5 percent to 2.35 lakh units while exports increased 1 percent to 1.83 lakh units compared to the corresponding month last year.
Motorcycle sales jumped 7 percent to 3.65 lakh units, but three-wheeler sales fell 16 percent to 54,167 units YoY in May 2019.
Meanwhile, Bajaj Auto and KTM Industries AG have decided to initiate a serial production project for PTW (powered two-wheeler) electric vehicles in the power range of 3 to 10 kW (48 volt) at the level of KTM AG.
This platform will support different product variants - scooters, mopeds, small mopeds, under brands of both partners, the company said in its filing.
The serial production will start at Bajaj's production site in Pune, India by 2022, it said.
The stock was quoting at Rs 2,973.80, up Rs 48.55, or 1.66 percent on the BSE, at 09:40 hours IST.
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