Bajaj Auto registers sluggish monthly sales in February 2013

Bajaj Auto (BJAUT) reported lower-than-expected sales for February 2013 primarily on account of sluggish demand in the domestic motorcycle segment. Total volumes for the month registered a decline of 3.3% yoy (4.4% mom) to 332,387 units as domestic volumes posted a sharp decline of 10.8% yoy (10% mom).Three-wheeler sales during the month too reported a decline of 1.7% yoy (11.2% mom). The export volumes however, registered a healthy growth of 10.8% yoy (5.2% mom). At the CMP of `1,984, the stock is trading at 15.7x FY2014E earnings. Source: AngelBroking