The key Indian equity indices hit fresh record highs on Tuesday morning in line with global market after US pharma major Moderna announced that its COVID-19 vaccine has recorded 94.5 per cent effectiveness.
Sensex crossed the 44,000-mark and touched a record high of 44,161.16 points.
Shares of Bajaj Auto slipped 4 per cent to Rs 2,785 on the BSE on Monday after the company reported a 10 per cent year on year (YoY) drop in total auto sales at 354,913 units for the month of February 2020.
The two-wheeler maker missed analysts' expectations by a decent margin. Nirmal Bang Equities, for instance, had expected total auto sales of 382,844 units, while Emkay Global Financial Services had expected total sales of 374,000 units for the month.
Domestic demand for mobikes may be under severe pressure, but Bajaj Auto has left its closest competitors, Hero Motors and Eicher Motors, far behind as far as market cap are concerned. While the market capitalisation of Bajaj has gone up by close to 20 per cent this calendar year, Hero and Eicher have foundered.
TVS Motor Company and Bajaj Auto have settled a decade-old dispute related to patent rights for spark plugs.
The companies said they entered into a settlement agreement on Thursday to amicably settle the decade-old dispute related to alleged infringement of Bajaj's patent for digital twin spark plug ignition technology.
PUNE: At a time when motorcycles sales have plummeted over 15 per cent in the first half of this fiscal in the prolonged slowing economy and a challenging business environment, Bajaj Auto’s Pulsar 125 Neon in the Pulsar series has emerged a winner.
The Pune-headquartered auto maker sold over 40,000 units of Pulsar 125 bike within two months of its launch in August, the company said in a statement.
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