Bajaj Auto shares surged by 3.3% on December 27, 2024, hitting an intraday high of ₹9,178.5 on the BSE. The uptick followed an optimistic rating upgrade from DAM Capital, which shifted its stance from ‘Sell’ to ‘Buy,’ setting a revised target price of ₹9,750 per share.
At 10:43 AM, the stock was trading at ₹9,144.5, marking a 2.99% increase. In comparison, the BSE Sensex rose by 0.70% to 79,025.41. Bajaj Auto’s market capitalization stood at ₹2,55,367.12 crore, with its 52-week trading range spanning ₹6,560.05 to ₹12,772.15 per share.
DAM Capital’s Positive Outlook
DAM Capital’s rating upgrade comes amid expectations of a recovery in the automotive sector by FY26E. The brokerage highlighted favorable macroeconomic conditions, attractive valuations post-correction, and an improved risk-reward balance as key factors. Notably, channel checks indicated recovery in rural demand, although urban markets may face a prolonged slowdown.
Bajaj Auto’s November Sales Performance
In November 2024, Bajaj Auto reported a 5% year-on-year growth in total vehicle sales, including exports, reaching 421,640 units compared to 403,003 units in November 2023.
Domestic Market Insights
Domestic sales, including commercial vehicles, declined by 7% to 240,854 units from 257,744 units in November 2023.
Strong Export Growth
Exports delivered a robust performance, growing 24% year-on-year to 180,786 units, up from 145,259 units in November 2023.
Two-Wheeler Segment
The total two-wheeler volume, combining domestic and export sales, rose by 5% year-on-year to 368,076 units, compared to 349,048 units in November 2023.
Bajaj Auto: A Legacy of Excellence
Founded in 1945, Bajaj Auto Limited has established itself as a leader in the Indian automobile market with a stronghold in motorcycles, scooters, and three-wheelers. Headquartered in Pune, Maharashtra, the company is a part of the Bajaj Group and boasts a global footprint spanning over 70 countries.
With a track record of innovation and global expansion, Bajaj Auto continues to be a dominant force in the automotive industry, leveraging its expertise to cater to both domestic and international markets.
