Bajaj Auto shares rose as much as 3.3 percent to Rs 2,874, its highest in seven weeks. The home-grown automaker plans to expand its 3-wheeler (3W) and quadricycle capacity to a million (10 lakh) per year following a government decision to exempt all alternate fuel vehicles from getting permits, it said on Thursday.

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Bajaj Auto to be the biggest beneficiary from abolition of permit requirement as it commands 86 percent market share in alternate fuel 3W segment, Abhishek Jain, analyst at HDFC Securities, says in a note.

Bajaj Auto stock was the top percent gainer on the NSE Nifty 50 index, which was flat at 11,544.30, edging up 7.40 points or by 0.06 percent at 10.40 am. The 30-share BSE Sensex also recovered to 38,264.16, rising by 21.35 points or 0.06 percent.

Indices surged after a sharp recovery in the Indian rupee against the dollar. The home currency rose 30 paise from the initial lows to trade near 71.75 levels, after the Reserve Bank of India (RBI) intervened.

Shares of Bajaj Auto traded at Rs 2,882, adding nearly Rs 97, rising by 3.46 percent on the NSE at 10.45 am.

As of last close, Bajaj Auto stock is down 16.51 percent this year.

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