Benchmark shares indices continued to trade weak in late morning trades with HDFC Group and IT shares leading the decline.

The weak showing is primarily reflecting the caution in Asian markets as investors apprehend evidence of further contraction in Chinese manufacturing to emerge, particularly if the flash manufacturing PMI data to be released on Tuesday is seen treading below 50 mark.

The Bombay Stock Exchange (BSE) S&P BSE Sensex hit a record high today, led by Tata Group companies, after global rating agency Moody's raised multiple ratings of group firms including Tata Motors, Tata Steels and Tata Consultancy Services (TCS).

At 1218 hours, S&P BSE 500 index was up 0.2% or 21 points at 10,430 points. It touched new high of 10,478 points during intra-day trade today.

Two wheeler major Bajaj Auto today launched the KTM RC series of super sports motorcycles RSC 390 and RC 200 in Pune.

The RC 200 will cost Rs 1.60 lakh, while the RC 390 is priced at Rs 2.05 lakh (ex-showroom, Delhi). The company said that the current price were introductory and it may increase the prices later. Both the models are being manufactured at Bajaj Auto’s Chakan Plant.

Bajaj Auto on Tuesday reported 8 per cent increase in total sales in August at 3,36,840 units as against 3,12,188 units in the same month last year.

Motorcycle sales during the month stood at 2,84,302 units as against 2,78,583 units in August 2013, the company said in a statement.

Mumbai: Bajaj Auto Ltd, India’s largest exporter of motorcycles and three-wheelers, will remain focused in the motorcycle segment and will remain steadfast to the twin-brand strategy of Discover and Pulsar it adopted a few years ago, the company’s managing director Rajiv Bajaj said.

Bajaj defended the strategy even as the company’s motorcycle sales have underperformed in the local market compared to rivals’.

After months of negotiations and intermittent unrest impacting production, Pune-based Bajaj Auto and its Chakan plant (in Pune) unions have finally reached a wage agreement under which the management has agreed to increase the wages by up to Rs 10,000 per month.

According to the revised wage agreement, permanent employees having been with the company for five or more years will get a wage hike of Rs 10,000 a month while those having spent three years or more will be given Rs 9,500 a month.

Bajaj Auto gains 2.2 percent after Barclays upgrades the stock to "overweight" from "equalweight".

Barclays says all the bad news appears to be priced in.

Demand for two-wheelers in India will accelerate to 12 and 12.3 percent for FY15 and FY16 as macro factors improve along with new launches, it says.

n Net sales grew 6.9% year-on-year on 6% realisation growth. Net sales grew to R52.5 bn, while volumes grew marginally by 0.9% y-o-y (5.6% q-o-q) to 9.88 million units.

n Adjusted margin declined 70 basis points q-o-q to 18.9% on higher RM (raw material) cost pressures: RM cost rose 70 bp y-o-y to 70.1% on higher material cost pressures. Employee cost increased by 40 bp y-o-y on negative operating leverage.

Sluggish domestic sales and a steep rise in expenses led to a flat net profit of Rs 740 crore for Bajaj Auto, India's third-largest two-wheeler maker, during the first quarter ended June 30. The Pune-based manufacturer of motorcycles such as the Pulsar and Discover and RE range of three-wheelers had posted a net profit of Rs 738 crore in the year-ago period. Analysts tracking the company had estimated Bajaj’s net profit for the June 2014 quarter to be Rs 815 crore. Bajaj’s stock on BSE reacted negatively to the earnings, closing at Rs 2,092, a 2.3 per cent decline compared to Wednesday’s close.

Barely a fortnight after Tata Motors directors were denied pay increases by shareholders, Bajaj Auto has found itself in a tangle with governance activists over a special commission paid to an independent director.

The remuneration of former Citi banker Nanoo Pamnani, who has been serving as an independent director on the boards of four Bajaj group companies, including flagship Bajaj Auto, is substantially higher than those of other independent directors of the board in Bajaj Auto and Bajaj Finance.

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