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      Bajaj Auto gains after better-than-expected Q3 earnings

      MoM Team / Mumbai, Jan 31, 2017 01:39 PM IST

        Bajaj Auto gains after better-than-expected Q3 earnings

        Bajaj Auto rose 1.8 percent to Rs 2,876.05 on BSE after the company reported better-than-expected Q3 December 2016 earnings during market hours today, 31 January 2017.

        Meanwhile, the S&P BSE Sensex was down 70.3 points or 0.25 percent at 27,779.30.

        On the BSE, 72,000 shares were traded on the counter so far as against the average daily volumes of 17,261 shares in the past one quarter. The stock had hit a high of Rs 2,917.05 and a low of Rs 2,792.30 so far during the day.

        The stock had hit a record high of Rs 3,122 on 9 September 2016 and a 52-week low of Rs 2,173.40 on 29 February 2016.

        The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

        Bajaj Auto's consolidated net profit fell 5.27 percent to Rs 976.82 crore on 7.4 percent decline in total income to Rs 5,672.82 crore in Q3 December 2016 over Q3 December 2015.

        Bajaj Auto said that the government's action to demonetize high value currency had an adverse impact on the auto industry and the performance of the company. With good monsoon and seventh pay commission, motorcyle industry was expected to record healthy growth. However, post demonetization, in November and December 2016, the domestic industry for motorcycles and commercial vehicles recorded a decline of 16 percent and 32 percent respectively, the company said in a statement.

        As of 31 December 2016, the company's surplus cash and cash equivalents stood at Rs 10,932 crore.

        Bajaj Auto is one of the leading two-and three-wheeler manufacturers in India.

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