Bajaj Auto Ltd. has released its November sales data, reporting an 8% year-on-year increase in total sales for the month. The growth was largely driven by a massive surge in commercial vehicle demand and a double-digit recovery in international markets.
The automobile giant sold as many as 4.53 lakh units in the month of November, which compares to 4.22 lakh units sold in the same month last year, according to data released by the company.
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Two-wheeler sales, which form the crux of Bajaj Auto's business, recorded sales of 3.8 lakh units, which accounts for a growth of 3% on a year-on-year basis.
But it is the commercial vehicle segment that recorded the highest growth, which recorded a whopping 37% growth year-on-year.
Another segment that did well for Bajaj Auto in November was the global shipments. As one of India's largest exporter of two-wheelers, the company saw a 14% growth in global shipment business, exporing 2.02 lakh units versus 1.81 lakh units a year earlier.
On the domestic front, domestic sales across all categories stood at 2.48 lakh units, up from 2.1 lakh units in the previous year.
Bajaj Auto's sales data reflect a broader stabilisation in the automotive sector following the festive season.
In light of the numbers, the shares of Bajaj Auto are trading with gains of up to half a percent on Monday's trade.
The stock is currently trading at Rs 9,109, which accounts for gains of around 0.46%. Over the past 12 months, the stock has given flattish returns.
Out of 47 analysts tracking the company, 26 have a 'buy' rating, and 14 recommend a 'hold,' and seven suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 9,567 implies an upside of 5.2%
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