Bajaj Tempo jumped by its 20% ceiling today to hit its 52-week high of Rs 166.50. A total of 18,691 Bajaj Tempo shares were traded on BSE by 10:40 IST.

The stock of the Pune-based Bajaj group company has now risen 108.6% from Rs 79.80 on 30 April 2003.

The spurt today manifests in reaction to the company's excellent results announced Saturday. For Q4 ended 31 March 2003, Bajaj Tempo recorded a 158.7% jump in net profit to Rs 11.15 crore (Rs 4.31 crore) . Net sales increased by 39% to Rs 265.80 crore (Rs 191.46 crore).

For FY 2002-03, the commercial vehicles manufacturer reported a massive net profit of Rs 32.17 crore (Rs 1.59 crore) on net sales of Rs 826.25 crore (Rs 630.33 crore). The company has also recommended a Rs 5 per share dividend for FY 2002-03.

Analysts deem the performance as impressive. It has been fueled by rising sales of three wheelers. Analysts are also convinced that the company will continue to perform well following a restructuring drive and plans to launch new vehicles in the current year.

Bajaj Tempo is a Rs 632-crore Pune-based company that manufactures light commercial vehicles (LCV), multi-utility vehicles (MUV) and three-wheelers.

In the LCV segment, the key products of Bajaj Tempo are Tempo Traveller, Matador and Excel. In the MUV segment, the company makes the Tempo Trax series of vehicles including Judo and Gama. In the three-wheeler segment, a six-seater autorickshaw called Minidor is among the key products of the company.

As on 31 March 2003, the promoters held 51.77% stake in Bajaj Tempo, while the public and institutions held 23.06% and 3.98%, respectively.