|Hot Pursuit||Thursday, January 01, 2009 11:31 Hrs IST|
Bajaj Auto skids on poor sales in December 2008
The company unveiled the December 2008 sales figures during market hours today, 1 January 2009.
Meanwhile, the BSE Sensex was up 106.98 points, or 1.11%, to 9,754.29.
On BSE, 13,878 shares were traded in the counter. The stock had an average daily volume of 86,805 shares in the past one quarter.
The stock hit a high of Rs 398 and a low of Rs 378 so far during the day. The stock hit a 52-week high of Rs 945 on 26 May 2008 and a 52-week low of Rs 294.65 on 2 December 2008.
The stock had fallen 5.14% to Rs 391.20 on 31 December 2008 from a Rs 412.40 on 22 December 2008.
The mid-cap stock had outperformed the market over the past one month till 31 December 2008, gaining 21.93% as compared to the Sensex's return of 6.10%. It had underperformed the market in the past one quarter, declining 34.65% as compared to the Sensex's decline of 24.98%.
The company's current equity is Rs 144.68 crore. Face value per share is Rs 10.
The current price of Rs 390.15 discounts the company's Q2 September 2008 annualized EPS of Rs 51.12, by a PE multiple of 7.63.
Bajaj Auto's two wheeler sales declined 33% to 1,19,215 units in December 2008 over December 2007. Three-wheeler sales rose 3% to 22,948 units in December 2008 over December 2007. Total exports, however, jumped 43% to 72,744 units in December 2008 over December 2007.
High interest rates and sluggish in consumer spending dented automobile sales.
Meanwhile, at the time of announcing December 2008 sales figures, the company said that it would launch a sports motorcycle in January 2009.
Bajaj Group chairman Rahul Bajaj on 30 December 2008 bought 29.2% stake in sugar firm Bajaj Hindusthan through block deals on the Bombay Stock Exchange. He will transfer the entire stake along with his 0.4% stake, to his brother Shishir Bajaj for zero consideration thus giving Shishir full control over the sugar firm. Shishir Bajaj, in turn, is likely to exit from Bajaj Auto where is owns about 2%, as a part of a settlement of a dispute between the promoter Bajaj family.
Bajaj Auto's net profit fell 22.5% to Rs 184.91 crore on 9.2% increase in net sales to Rs 2450.73 crore in Q2 September 2008 over Q2 September 2007.
Bajaj Auto is engaged in manufacturing two and three wheeler vehicles.