Bajaj Auto catches speed on planning to set up EV manufacturing facility

Bajaj Auto is currently trading at Rs. 3264.00, up by 87.50 points or 2.75% from its previous closing of Rs. 3176.50 on the BSE.

The scrip opened at Rs. 3195.00 and has touched a high and low of Rs. 3265.75 and Rs. 3152.55 respectively. So far 21690 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 4361.20 on 04-Feb-2021 and a 52 week low of Rs. 3028.35 on 20-Dec-2021.

Last one week high and low of the scrip stood at Rs. 3266.00 and Rs. 3121.90 respectively. The current market cap of the company is Rs. 94332.20 crore.

The promoters holding in the company stood at 53.70%, while Institutions and Non-Institutions held 24.06% and 22.24% respectively.

Bajaj Auto is all set to set up an electric vehicle manufacturing facility at Akurdi in Pune with an investment of Rs 300 crore. The facility, for which the work has already commenced, will have the capacity to produce 5 lakh Electric Vehicles (EVs) per annum and cater to both domestic and exports markets.

The first vehicle from the new unit, spread over half-a-million square feet space, is expected to be rolled out by June 2022. The unit will employ around 800 personnel. Akurdi is the site of the original Chetak scooter factory. The new unit will have cutting-edge robotic and automated manufacturing systems for everything, including logistics and material handling, fabrication and painting, assembly and quality assurance.

Bajaj Auto is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.

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