Bajaj Auto shares hit record high as board to consider share buyback proposal

Shares of Bajaj Auto surged sharply during Wednesday’s trading session as the company said its board will consider the proposal for a share buyback on January 8. On the Bombay Stock Exchange, shares of Bajaj Auto ended the trading session 4.91 per cent higher at Rs 6989.40 apiece.

Earlier in the day, shares of the company hit a record high of over Rs 7,000 after climbing nearly 6 per cent.

In a stock exchange 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, 08 January 2024 (“Board Meeting”), inter alia will consider a proposal to buyback of fully paid-up equity shares of the company.”

The share buyback plan comes after the shares of the company surged more than 96 per cent in a year. Meanwhile, the company’s stock surged 88 per cent in 2023, marking its best year since 2009.

The two-and three-wheeler maker last bought back shares worth 25 billion rupees ($300.2 million) between July and October 2022.

Bajaj Auto is also set to report its third-quarter results on January 24.