Bajaj Consumer Care share price jumps 5% as Bajaj Group's FMCG company mulls buyback plan

Bajaj Consumer Buyback,  Bajaj Consumer Share Price NSE, BSE: Shares of Bajaj Consumer Care, NSE BAJAJCON, gained more than 5 per cent in early morning deals on Tuesday, December 6, on account of a buyback proposal news. The stock opened at Rs 181 apiece on NSE, rising 4.19 per cent or Rs 550 per share from the previous close of Rs 175.50. The counter quoted Rs 182.85 at 9:35 AM.

The consumer goods company of the Bajaj Group has announced that its board of directors will meet on December 9 to consider a share buyback proposal. The announcement was made after market hours on Monday.

"The Board of Bajaj Consumer Care will meet on 09 December 2022 to consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on Friday, December 9, 2022, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018," the company said in a filing.

"The outcome of the Board meeting will be disseminated to the stock exchanges after the conclusion of the board meeting on Friday, December 9, 2022, in accordance with the applicable provisions of the SEBI Listing Regulations," it added.

Bajaj Consumer Care Share Price Target

Notably, Bajaj Consumer Care was recommended in today's Trader Diary show of Zee Business for a target price of Rs 179.

Shares of Bajaj Consumer Care have gained more than 9 per cent in the last 5 sessions while 30 per cent in 6 months. In the second quarter of the current fiscal, the company's consolidated net profit tumbled 31.9 per cent to Rs 31.66 crore.

Bajaj Consumer Care is one of the leading FMCG companies in the country. It is a leading player in hair care and skin care products. Its flagship brand Bajaj Almond Drops Hair Oil commands almost 60 per cent market share in the light hair oil category.

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