Bajaj Auto stock crosses ₹6,000 mark, up 66% in CY23 so far
Bajaj Auto shares surged to a new historic high of ₹6,039 apiece in today's trading session, surpassing their previous high of ₹5,960 apiece. The stock began today's session at ₹5,969.80 apiece and remained flat throughout the day before gaining substantial momentum in the final hour of trade, breaching the significant ₹6,000 mark for the first time. Also Read: Bajaj Auto, Eicher Motors among 8 Nifty Auto stocks that touched new highs this year; check full list Following the company's October sales release, the stock witnessed a one-way spike.
In addition to this, strong financial performance, analysts' optimistic views, and positive market sentiments towards the automobile industry have further propelled the stock. In November so far, the stock surged 13%, outshining Nifty Auto, which posted an 8% gain during the same period. Notably, the stock has registered a staggering 66% rally year-to-date, the best yearly performance since CY10.
In the current year, the company's market capitalization surged from ₹1,03,541 crore to ₹1,69,722 crore, marking an impressive addition of ₹66,181 crore. Global brokerage firm Morgan Stanley has maintained its overweight rating on Bajaj Auto with a target price of ₹6,229 apiece. The brokerage highlighted that Triumph sales are advancing at a faster pace than anticipated.
Also Read: 35 lakh weddings in less than a month! Which sectors and stocks should you invest in this season? In Q2, the company sold more than 8,000 units of Triumph Speed 400 motorcycles. The company is on track to take the brand experience to over 100 cities by year-end, up from the current 26. Earlier in July 2023, Bajaj Auto launched the Triumph Speed 400 and Triumph Scrambler 400X in association with British bike
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