BAL's performance for the period April-June, 1998, has shown a marginal increase in production of two- and three- wheelers, at 3.16 lakh, as against 3.11 lakh for the corresponding period last year. Sales registered an 11.5 per cent increase, to 3.37 lakh, from 3.02 lakh while total income for the quarter just ended has risen to Rs 810.9 crore (from Rs 722.7 crore). Net profit has gone up by 14.7 per cent to Rs 112.1 crore (from Rs 97.7 crore).

BAL's market share for the first quarter, too, has shown an upward trend, rising to 41.7 per cent from 41.2 per cent for the corresponding period last year, while its market share had dropped to 40.5 per cent in 1997-98. Madhur Bajaj,president, BAL, noted that the company has grown faster than the industry during the first quarter, since the industry has grown at 10.7 per cent while BAL has recorded 11.5 per cent growth.

Rahul Bajaj, addressing the 53rd annual general meeting (AGM) here today, said BAL expects to achieve sales of 14.5 lakh vehicles in the current year.

For the year 2000-2001, BAL expects to have a 45 per cent market share, selling 2 million vehicles in a total domestic market of about 4.4 million.

On the issue of buy-back of shares, for which shareholder permission was taken three years ago, Rahul Bajaj hit out strongly against using it for treasury operations but welcomed it for extinguishing capital. He indicated that unless there was a negotiated deal with one or two individuals, the company was unlikely to go in for market purchase since it would require substantial funds, which would put a stop to expansion.

BAL has lined up Rs 300 crore for its capital expenditure programme during 1998-99, of which Rs 107crore will be at Akurdi, Rs 56 crore at Waluj and Rs 135 crore at Chakan.

"Legend" rolls out

Bajaj Auto on Saturday rolled out the world's first geared, four-stroke scooter, the Legend. The 150cc all-aluminium 9 hp engine, with a top speed of 90 kmph, is expected to give 62 km to the litre. The scooter meets the emission norms which come into force of April, 2000, and a total of eight patents have been applied for, including an overall one for the first four-stroke geared scooter on a monocoque frame. Its on-road price is Rs 34,000 while the electronic start version will be priced at Rs 36,000.

The BAL stable will get its next addition with the mid-September launch of the two-speed, 60cc scooterette, the Spirit.

The Boxer, a multi-utility use vehicle, launched in select markets in May, has achieved sales of 1,800 per month which are expected to go up to 3,000 per month.

With the motorcycle segment growing annually at the rate of 25 per cent for the past two years, BAL will launch itsfive-speed "Prowler" in December, 1998.

BAL's third plant, at Chakan, will roll out its first vehicle by March, 1999, the first being the four-stroke scooter, Saffiree, developed by Tokyo R&D.

This will be followed a year later by the Cagiva-developed four-stroke scooter.