MUMBAI: Bajaj Auto has toppled Mahindra & Mahindra (M&M) as the third most valued auto company in the country. Bajaj Auto’s market cap on Thursday crossed the Rs 2 lakh crore-mark to touch Rs 2.04 lakh crore, surpassing M&M.

Maruti Suzuki has a m-cap of Rs 3.13 lakh crore, while Tata Motors m-cap is Rs 2.59 lakh crore. Bajaj Auto stock gained 5.3 per cent to close at Rs 7,596 on Thursday.

Arun Agarwal, VP and automobile analyst, Kotak Securities, said Bajaj Auto’s volumes grew 14 per cent QoQ led by 30 per cent QoQ volume growth in the domestic two-wheeler segment. Its EBITDA margin expanded YoY, supported by commodity tailwinds. I

n Q3FY24, gross profit per vehicle and EBITDA per vehicle improved over Q2FY24. Recovery in the domestic two-wheeler segment is expected to continue.