Shares of Bajaj Auto closed at Rs 4288.80 apiece on BSE on Thursday.
Shares of Bajaj Auto have closed higher on Thursday continuing its gaining streak for seventh straight day.
Shares of Bajaj Auto Ltd hit a new 52-week high on Thursday continuing its gaining streak for the eighth straight day. The large cap auto stock opened at Rs 4240.15 apiece on BSE and hit a fresh 52-week high of Rs 4305 per share in intraday trade on Thursday. The stock also hit a new 52-week level of Rs 4307.35 apiece on NSE.
Shares of the two-wheeler maker have continued the gaining streak for the seventh day in a row till Thursday. In the last eight trading sessions, the stock has increased nearly 13%. The company’s stock has gained 13.5% in the past one month and 19% in the last three-month period.
Market analysts believe Bajaj Auto’s recent deal with Triumph Motorcycles could have triggered the upward swing of the stock. In a filing to the stock exchanges on April 11, Bajaj Auto disclosed acquiring Triumph Motorcycles’ sales and marketing operations in India.
Brokerage Morgan Stanley increased the target price for Bajaj Auto stock from Rs 4,449 to Rs 4,486 per piece on Tuesday while maintaining an ‘overweight’ rating, BQPrime reported. The upgrade came after Bajaj Auto’s deal with Triumph Motorcycles Ltd. Following the rise in target price by the brokerage, shares of Bajaj Auto surged nearly 3% in intraday trade.
According to a Moneycontrol report, Bajaj Auto has partnered with KTM and Husqvarna, to create strong bikes. At the business’ Chakan facility, these two-wheelers will be produced. This facility has a yearly production capacity of 12.2 lakh units. As a result of the agreement between the two businesses, Bajaj Auto Hire will produce new mid-size models in addition to CC bikes. These will be offered for sale with the Triumph logo.
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