Bajaj Auto surges ahead of board meet outcome on share buyback

Auto Stock: Shares of automotive major, Bajaj Auto surged by 1 per cent to hit an intraday high of Rs 7,049.85 on January 8, after the company announced that it will consider a proposal to buy back fully paid-up equity shares of the firm today.

At the beginning of the month, the Board of Directors of the automotive major announced their plans to mull over a buyback proposal on January 8, via an exchange filing.

On January 3, Bajaj Auto undertook a share buyback worth Rs 2,500 crore during June 2022 at Rs 4,600 per share.

Bajaj Auto’s total sales grew 16 per cent annually to 3,26,806 units in December 2023, as against 2,81,514 units in December previous year.

Its domestic sales rose 28 per cent annually to 1,90,919 units, from 1,48,583 units in December 2022.

The company’s exports jumped 2 per cent annually to 1,35,887 units, from 1,32,931 units in December previous year.

As of 12.22 pm, Bajaj Auto shares were trading 0.46 per cent higher at Rs 7,000 per share.