Bajaj Auto will hike prices on Oct 1

Bajaj Auto Ltd will increase the prices of its vehicles across categories on October 1 to compensate for lower export benefits when the duty entitlement pass book scheme expries on September 30 and the proposed drawback scheme is implemented ,managing director Rajiv Bajaj said on Monday. The move is margins in a highly competitive market, he said in an interview to CNBC - TV18. Bajaj, however, said the 5.5% rate under the proposed drawback scheme was in line with expectations. He was confident the company would meet its sales growth target of 20% for this fiscal.