Bajaj Auto share price declined over 2% on Wednesday after the company announced its December wholesales data. Bajaj Auto shares fell as much as 2.86% to ₹8,550.00 apiece on the BSE.
Bajaj Auto reported a 1% year-on-year (YoY) fall in total sales for the month of December 2024. The two-wheeler and three-wheeler manufacturer dispatched 3,23,125 units of vehicles in December 2024 as against 3,26,806 units dispatched in December 2023.
The company’s total domestic sales last month declined 15% to 1,62,420 units from 1,90,919 units in the year-ago period. On the contrary, exports in December 2024 increased 18% to 1,60,705 units from 1,35,887 units, YoY.
Two-Wheeler Sales
Bajaj Auto’s two-wheeler wholesales decreased 4% to 2,72,173 units from 2,83,001 units in December 2023. The company’s domestic sales in this segment dropped 19% YoY to 1,28,335 units, while exports increased 15% YoY to 1,43,838 vehicles.
Commercial Vehicle Sales
Commercial Vehicle (CV) sales in December 2024 reported a 16% rise to 50,952 units from 43,805 units, YoY. Domestic CV sales increased 5% YoY to 34,085 units, while exports jumped 50% to 16,867 units.
Bajaj Auto Share Price Trend
Bajaj Auto share price has fallen over 29% in the past three months, while the auto stock has fallen by only 9% in six months. In the last one year, Bajaj Auto share price has rallied over 28%, while it has given multibagger returns of 174% in five years.
Brokerage firm Emkay Global recently upgraded its ratings on Bajaj Auto shares to ‘Add’ with an unchanged target price of ₹9,500 per share.
Chirag Jain, Senior Research Analyst at Emkay Global Financial Services believes the recent stock-price correction (down 30% from the recent peak) adequately captures the weakened positioning in domestic two-wheelers as well as normalized the three-wheelers volumes ahead, even as the company would benefit from exports recovery, and has emerged as the Electric Two-wheeler leader in December 2024.
At 10:00 AM, Bajaj Auto shares were trading 2.08% lower at ₹8,618.65apiece on the BSE.
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