Bajaj Auto stock gains after reporting 3% rise in May sales

Bajaj Auto shares rose over 5 percent after the automaker reported a 3 percent increase in its sales at 4.19 lakh units for May, against 4.07 lakh units sold in the same month last year.

The stock gained as much as 5.2 percent at Rs 3,078 per share on BSE in intra-day deals. At 11:59 am, the stock was trading 4.8 percent higher at Rs 3,065 as compared to a 0.7 percent (271 points) rise in BSE Sensex at 39,985.

Motorcycle sales for the company increased 7 percent to 3,65,068 units in the previous month as against 3,42,595 units in May 2018, the company said in a statement. Commercial vehicles sales declined by 16 percent to 54,167 units during the month compared to 64,449 units in the year-ago period, it added.