Over the last 12 months, there has been an up-surge in three wheeler demand in India, owing mainly to permits released in Maharashtra, Karnataka, AP and Delhi. Consequently during the period Sept 17 to Aug 18 Bajaj Auto has sold 435,000 three wheelers representing a growth of 88% and has strengthened its leadership in this segment.
At the SIAM convention today, Hon'ble Minister for Transport Shri Nitin Gadkari made a historic announcement moving to a "no-permit" regime for auto rickshaws powered by Alternate Fuels.
Bajaj is the market leader with 86% market share in the alternate fuel 3 wheelers and is therefore delighted with this development.
This announcement is a further fillip for the Bajaj Qute, which comes with CNG / LPG fuel options, as more and more state governments approve the Qute for taxi applications.
Alongside, our three wheeler and Qute volumes in international markets continue to grow at a good clip of 65% YTD.
To capitalize on these positive developments, Bajaj will shortly enhance its production capacities of 3 wheelers and Quadricycles to 1 million per year.
Shares of BAJAJ AUTO LTD. was last trading in BSE at Rs.2783.3 as compared to the previous close of Rs. 2768.7. The total number of shares traded during the day was 20520 in over 1605 trades.
The stock hit an intraday high of Rs. 2808.75 and intraday low of 2772.85. The net turnover during the day was Rs. 57227770.