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.

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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.

Bajaj Auto also announced that it has agreed on a new electric vehicle alliance with KTM Industries AG. As per the deal, Bajaj Auto and KTM Industries AG will develop a common 48-volt electric two-wheeler platform in the power range 3 to 10 kW for planned serial production in India.

The platform will support different product variants — scooters, mopeds, small mopeds, under brands of both partners. The serial production will start at the Bajaj production site in Pune by 2022.

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First Published:Jun 3, 2019 12:57 PM IST