Bajaj Auto Hits 52-Week High Today: What's Fueling The Surge

Shares of Bajaj Auto continued to gain at the bourses for the eighth straight session on Wednesday as the stock jumped over 2% to hit a new 52-week at ₹4,278.35.

What Happened: Shares of the automobile giant picked up pace this week, as the company announced extending its partnership with Triumph Motorcycles. Since the announcement, shares of the company have climbed up close to 6%.

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Bajaj Auto will now be managing all 15 Triumph Motorcycle dealerships in the country. The companies further plan to expand the Triumph Motorcycles brand in over 120 cities in the next two years. The two companies will also be confirming later in the year the timings for the launch of the new mid-sized Triumph motorcycles, which will be built at Bajaj Auto's Chakan plant.

The announcements also impressed global analyst firm Morgan Stanley as it maintained its ‘overweight’ rating for the stock with a price target ₹4,486.

Price Action: Bajaj Auto shares were up 2.22% to trade at ₹4,269.85 in the afternoon hours of trading on Wednesday.

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Posted In: MoversTrading IdeasBajaj AutoTriumph Motorcycles