14 Feb 2013 14:22

Shares in bus maker PAZ gain 40% for a second day

MOSCOW. Feb 14 (Interfax) - Shares in Pavlovo Bus Plant (PAZ) , a company in the GAZ Group , gained 40% for the second day in a row on Thursday on favorable production outlook.

PAZ shares were up 40% to 313.5 rubles as of 11:35 a.m. on the Moscow Exchange on Thursday, following a gain of 40% on Wednesday.

The company's share prices are at their highest level since December 2011.

The GAZ Group bus division includes four Russian plants: PAZ in Pavlovo, KAVZ in Kurgan, LiAZ in Likino and GolAZ in Golitsyno.

GAZ expects to produce 14,500 buses in 2013, 4.3% more than in 2012. Last year bus production rose 5.3% to 13,900 units.

Bus sales in Russia were up 14% to 69,200 in 2012, according to data from marketing research firm ASM Holding. Russian manufacturers delivered 43,693 buses, an increase of 28.8%. Production rose 32% to 57,200, including 47,400 buses manufactured under Russian brands (40.8% more).