Bajaj Auto Q2 net up 58% at Rs 933 cr

Riding on robust sales, Bajaj Auto on Wednesday posted 57.9 per cent rise in net profit to Rs 933.06 crore for the second quarter ended September 30, 2015-16.

The Pune-based firm had reported net profit of Rs 590.90 crore during the July-September period of last fiscal, 2014-15.

Net sales of the company rose by 2.63 per cent to Rs 5,980.63 crore during the second quarter under review, as against Rs 5,826.85 crore in the year-ago period, Bajaj Auto said in a filing to the BSE.

The company's net profit had taken a hit last fiscal as it had paid an exceptional amount of Rs 340.29 crore as national calamity contingent duty (NCCD) during the second quarter of 2014-15.

The company sold a total of 10,56,596 units during the second quarter as compared to 10,55,582 units in the same period of previous fiscal.

During the second quarter, the company sold 9,03,097 motorcycle units in domestic as well as international markets.

In the domestic market, the company's broad strategy is to expand its presence in the mileage segment, reassert its dominance in the sports segment and grow the super sports segment, Bajaj Auto said.

The company is represented by CT100 and Platina in the mileage segment, Pulsar and Avenger in the sports segment and Pulsar RS200 and KTM in the super sports category.

As on September 30, the surplus cash and cash equivalents of the company stood at Rs 10,234 crore.

Bajaj Auto stock was trading at Rs 2,517.30, up 3.24 per cent, on the BSE in the afternoon.

Sensex recovers 73 points on better earnings by bluechips.

 The benchmark BSE Sensex rose by over 73 points in early trade on Wednesday on fresh buying in IT, oil and gas, banking and auto stocks after better than expected earnings by bluechips.

The 30-share index was trading higher by 73.30 points or 0.26 per cent at 27,380.13 points. The barometer had shed 58.09 in volatile trade yesterday.

Also, the National Stock Exchange index Nifty edged up by 18.70 points, or 0.23 per cent at 8,280.35.

Brokers said sentiment turned better after HeroMoto Corp posted encouraging earnings yesterday.

Shares of HeroMoto Corp were trading over 2 per cent higher after company reported 1.13 per cent rise in standalone net profit at Rs 772.06 crore for the second quarter ended September 30.

Among other gainers, Bharti Airtel rose by 2.1 per cent, Reliance by 1.1 per cent, while banking stocks like Axis Bank, ICICI and HDFC Bank rose up to 1 per cent.

Infosys and TCS were also trading in the positive zone.

Among other Asian markets, Japan's Nikkei was up 0.81 per cent and Shanghahi composite index shed 0.17 per cent in early trade today. Hong Kong market are closed today for a public holiday.

The US Dow Jones Industrial Average ended 0.08 per cent lower in yesterday's trade.