Shares of Bosch rallied 12 per cent, hitting an over two-year high of Rs 17,333 on the BSE in the intra-day on Wednesday in an otherwise subdued market on the expectation of demand improvement going forward.

In the afternoon trade, the stock was up 11 per cent at Rs 17,140, compared to a 0.25-per cent decline in the S&P BSE Sensex at 59,565 points. Trading volumes on the counter jumped over 7-fold, with a combined around 450,000 shares have changed hands on the NSE and BSE. In the past two weeks, an average sub 100,000 shares were traded on the counter.

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The stock of the auto ancillary company was trading at its highest level since June 2019 and surpassed its previous high of Rs 16,900, touched on February 8, 2021. Bosch is a leading supplier of technology and services in mobility solutions, industrial technology, consumer goods and energy and building technology.

“The demand for passenger vehicles was stronger than expected due to shifting in preference towards personal mobility due to pandemic. This was reflected in strong demand, with first-time buyer share increasing to 50 per cent of domestic volumes in FY2020-21 (FY21) from 45 per cent in a previous financial year. Strong rural recovery, increasing fleet utilisation and government’s measures to revive the economy through infrastructure spending will likely drive volumes in the future,” Markus Bamberger, Chairman, Bosch, said in the Annual General Meeting speech.