Bajaj Auto shares hit a new record as co plans buyback

Board to discuss proposal on 8 Jan; buyback may be bigger than its previous one in July

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Shares of Pune-based two-wheeler maker Bajaj Auto surged nearly 6% to hit a record high of 7,059.75 in intraday trade on Wednesday, following the company's decision to consider a share buyback at its board meeting on 8 January. The move comes a year and a half after the maker of Pulsar motorcycles conducted a 12,500 crore buyback of its shares in July 2022 at ₹4,600 per share through the open market route. This time, though, managing director Rajiv Bajaj has indicated the buyback is likely to be far bigger.

Shares of Bajaj Auto settled 4.91% higher at 6,989.4 on the Bombay Stock Exchange (BSE) on Wednesday. The company's stock has almost doubled over the past 12 months, outperforming the Nifty auto index, which in contrast increased 46.4% during the same time.