Bajaj Auto increases stake in Yulu Bikes, announces investment of Rs 45 crore
Auto sector giant Bajaj Auto has announced to increase its stake in electric bike sharing platform Yulu Bikes. The company has informed the stock market about the new investment in Yulu Bikes. According to the company, it is going to invest about Rs 46 crore. According to the company, this share increase has been implemented with immediate effect and the deal has been completed in cash. There was a sharp rise in the stock on Thursday and the stock closed with an increase of more than 3 percent.
What information has the company given?
The company has informed the stock market that it is going to invest an additional Rs 45.75 crore in Yulu Bikes. With the new investment, the company’s stake in Yulu Bikes has increased to 18.8 percent. Earlier in the year 2019 itself, the company had invested Rs 66 crore in Yulu with emphasis on electric vehicles.
Yulu is a technology-based mobility platform with the help of which short distance commuting in cities has been made easier. People can use micro mobility vehicles through the company’s app. At present, with the help of this app, people can use MMV in Bangalore, Pune, Mumbai, Bhubaneswar, Ahmedabad and Delhi.
How was the performance of Bajaj Auto shares?
In the last one year, Bajaj Auto stock has registered a growth of 122 percent. There has been a growth of 27 percent in the stock so far this year. The company’s profit in the December quarter was Rs 2042 crore with an increase of 37 percent. At the same time, the income has increased by 30 percent to Rs 12114 crore as compared to last year. In January, Bajaj Auto sales have seen an increase of 24 percent as compared to last year.
