Technical Analyst Pankaj Jain of Satguru Capital has maintained 'hold' rating on Bajaj Auto Ltd stock with target of Rs 2246.

The strict stop loss for the stock is Rs 2175.

Today, the shares of the company opened at Rs 2200 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2210 and a low of Rs 691 on BSE.

Current EPS & P/E ratio stood at 128.74 and 16.97 respectively.

For the three month period ended March 2010, Bajaj Auto has recorded a four-fold increase in its net profit at Rs 528.65 crore as against the net profit of Rs 130.21 crore in the corresponding quarter last year.

India's second biggest two-wheeler manufacturer said that it recorded this hefty income on the back of strong demand for the newly-launched bikes plus an overall lower tax outgo, mainly from its tax-free facility in Pantnagar, Uttarakhand.

During the quarter, the company's two- and three-wheelers sales increased by 83.74% to 8,08,973 units as against 4,40,269 units sold in 2009.

Net sales during the period under review went up 73.34% to Rs 3,290 crore, while operating margin grew 22.9%.

French auto major Renault and Bajaj Auto are jointly manufacturing the ultra low cost car with Nissan.

The price of the new car has been seta round $2500.