Bajaj Auto to consider share buyback on January 8; stock hits all-time high

Bajaj Auto share buyback: Two-wheeler major Bajaj Auto will consider the proposal of a share buyback in its board meeting on January 8, the company informed bourses on Wednesday, January 3.

In its filing, the company said, "We wish to inform you that the board of directors of the company, at its meeting scheduled to be held on Monday, January 8, 2024 (“Board Meeting”), inter alia, will consider a proposal to buyback fully paid-up equity shares of the company and other matters necessary and incidental thereto, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018, as amended, and other applicable laws."

Reacting to the news, shares of the company gained momentum and scaled a record high of Rs 7,059.75 on the BSE. 

Bajaj Auto's board will consider the financial results of the company for the quarter and nine months ending on December 31, 2023, on Wednesday, 24 January 2024.

Recently, brokerage firm DAM Capital retained a 'buy' on the stock and increased the target from Rs 6,000 apiece to Rs 7,200. 

Bajaj Auto December 2023 sales 

Bajaj Auto reported a 16 per cent rise in total sales to 3,26,806 units in December 2023. The company had sold a total of 2,81,514 units in December 2022, Bajaj Auto said in a statement. Total two-wheeler sales were at 2,83,001 units last month as against 2,47,052 units in the year-ago period, a growth of 15 per cent, it added. Domestic two-wheeler sales were at 1,58,370 units as compared to 1,25,553 units in the corresponding month a year ago, up 26 per cent, the company said.

Bajaj Auto share price: Past performance

Shares of Bajaj Auto have gained over 92 per cent in a year against Nifty 50's rise of over 18 per cent.

(With inputs from PTI)

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