Bajaj Auto back on Egyptian roads

Bajaj Auto is on the good roads today. The stock, which had closed yesterday at Rs.1959.20, opened today at Rs.1999, going on to hit an intra day high at Rs.2028.60.

The stock is in the limelight following unconfirmed news that the Egyptian Govt has removed the ban on its 2 and 3-wheelers. In Feb, in a move to protect its domestic industry, the Egyptian Govt had put a blanket ban on Bajaj vehicles. This was a big whammy for Bajaj Auto and Egypt comprised 31% of its 3-wheeler and 5% of 2-wheeler exports.

Following the removal of this ban, the company is likely to get new orders from Egypt to the tune of around 5500 three wheelers and 3500 two wheelers.