MoneyControl.com has reported that Bajaj Auto has overtaken Eicher Motors in market capitalisation, gaining the top spot.
The media site reports that as on October 5th, Bajaj’s market capital stood at INR 91,497 crore. Eicher Motor’s value was at INR 84,406 crore and Hero MotoCorp at INR 75,086 crore on the Bombay Stock Exchange. In August, Eicher Motors’ Royal Enfield overtook Bajaj to gain the first spot, followed by Hero MotoCorp.
As per the media site, the tables turned last month, with Bajaj selling 4.28 lakh units. It gained a 14% increase in sales year-on-year. Between October 1 and 5, the motorcycle company’s stock value rose from INR 3,025 to INR 3,184. The company’s sales registered a 7% increase year-on-year in domestic sales, at 247,418 units. Coming to the export market, it sold 122,260 units, a 20% gain year-on-year. Bajaj Auto is the third largest two-wheeler maker in India.
Despite the fact that Hero MotoCorp sold 7.2 lakh units in September, its stock witnessed only a marginal increase from INR 3,744 (as on September 28) to INR 3776 (as on October 5). Hero achieved 75 million unit cumulative sales in September. The company also offered festive discounts in commemoration of its achievement.
In September, Royal Enfield’s sales grew 22% year-on-year, with 70,431 units, compared to last year’s 57,842 units in September. As a result, between October 1 and 5, the company witnessed a 2.3% increase in stock. This is despite the 3% increase in cess which raised the prices of the bikes by around INR 2,000. Royal Enfield launched new variants of the Classic 350 and the Classic 500 in September.