Bajaj Auto extends rally after Egypt lifts import ban

Bajaj Auto is currently trading at Rs. 2016.75, up by 57.55 points or 2.94% from its previous closing of Rs. 1959.20 on the BSE. The scrip opened at Rs. 1999.00 and has touched a high and low of Rs. 2028.60 and Rs. 1999.00 respectively. So far 12757 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2193.85 on 17-Oct-2013 and a 52 week low of Rs. 1683.35 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2093.80 and Rs. 1844.00 respectively. The current market cap of the company is Rs. 58307.45 crore. The promoters holding in the company stood at 50.02 % while Institutions and Non-Institutions held 25.68 % and 24.30 % respectively. Bajaj Auto, the second-largest motorcycle manufacturer is likely to resume exports to Egypt in June 2014. The move follows the Egyptian government’s decision to lift a ban that came into effect in February on import of two-wheelers and three-wheelers. For Bajaj Auto, Egypt is the second biggest export market after Sri Lanka Of the 2,50,000-2,60,000 units of three-wheelers exported in the last financial year (FY14), Egypt contributed a-fourth of the company's overall volumes. With regards to overall motorcycles sales, Egypt is one of the growing markets for the company. Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.