Bajaj Auto stock up 5 % post Q1 result

The company had posted profit after tax (PAT) of Rs 711.06 crore in the same period a year ago.

Shares of Bajaj Auto Ltd (BAL) today surged over 5 per cent,as the company reported a marginal increase in profit after tax for the quarter ended June 30,

2012,at Rs 718.39 crore.

The stock settled at Rs 1,522.35,up 5.20 per cent on the BSE. In the intra-day trade,the stock touched a high of Rs 1,530,up 5.72 per cent.

At the NSE,the scrip was up 5.32 per cent at Rs 1,521.90.The scrip was the top gainer on both the key indices –Sensex and Nifty.

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We believe worst is over for Bajaj Auto and expect radual improvement from here-on, Otilal Oswal Securities Auto Analyst Jinesh Gandhi said.

The company had posted profit after tax (PAT) of Rs 711.06 crore in the same period a year ago. Total income from operations during the first quarter of this fiscal stood at Rs

4,865.66 crore against Rs 4,706.29 crore in the year-ago period.

During the first quarter,the company’s three-wheeler sales declined by 26 per cent to 96,348 units against 1,29,764 units in the year-ago period.

The decline was mainly on account of a big slide in its exports,which stood at 51,511 units against 87,488 units in the year-ago quarter,down 41 per cent.

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In the stock market,the BSE benchmark index Sensex ended at 17,185.01,up 79.71 points.