Bajaj Auto’s quarterly earnings have raced past expectations in the third quarter. Net profit shot up 40% to Rs667 crore. Net sales meanwhile jumped 27% toRs4,028 crore. As before, Bajaj’s sales were led by two-wheelers like the Pulsar and Discover. And a price hike announced in October helped increase realizations. Incidentally, Bajaj increased prices again this month by Rs500-750 to cope with higher raw material costs. Stocks of the company gained 1.96% on the BSE at 1,319.85.
Here’s how Indian stocks did on Wednesday. The Sensex dropped 114 points to wind up at 18,978. And the Nifty fell 33 to close at 5,691.
IT stocks snapped their winning streak and ended up leading the declines. TCS fell 0.58% on the BSE to1,193.55. Infosys Technologies lost 1.99% to wind up at 3,252 by the end of trade
Wednesday’s big gainers were metal companies. Tata Steel climbed 1.16% to 6,39.80. Hindalco Industries jumped 2.63 to finish at 235.85. And Sterlite Industries climbed 2.74% to 182.