Bajaj Auto has declared their quarter profits on Thursday thereby revealing that their standalone net profits nearly got doubled from Rs.528 crore to Rs.1061 crore. Furthermore, the revenue of the company rises closely by 140 percent and stood at Rs.7,386 crore as against Rs.3,079 crore year on year.
The profits and revenue of the company fall by 20 percent. Moreover, recovery of around 3 months was not concluded due to partial lockdowns. Thus, the second wave of Covid-19 weakens the domestic demands which later on cope up with the robust export system.
The board of the company has also given approval for the incorporation of a wholly-owned subsidiary. The main objective of the subsidiary is to provide assistance in the production of Hybrid and Electric Vehicles.
Surplus cash and cash equivalents of Bajaj Auto raised at Rs.19,097 crore for the quarter ending June 2021 as compared to Rs.17,689 crore as of March 31st, 2021
Our Trendy Analysis: Shares of Bajaj Auto got crashed from top-notch nearly by 1.5 percent after the result declaration.
Technical Levels
Bajaj Auto has support at 3790 and resistance at 4000
If the levels go beyond 3790 levels, then the levels may trade around 3720—3650
For long-term investors: Not a good time to make a fresh purchase. People who are holding may hold for a certain period of time.