Bajaj Auto hits 52-week high after share buyback announcement

Bajaj Auto share price: Shares of automotive major, Bajaj Auto surged by 6 per cent to hit a fresh 52-week high of Rs 7,059.75 on Wednesday, January 3, after the company said it will consider a proposal to buy back fully paid-up equity shares of the firm. 

The Board of Directors of the Pune-headquartered firm has scheduled for meeting on January 8 2024, as per an exchange filing.

Previously, Bajaj Auto has undertaken a share buyback totalling Rs 2,500 crore during June 2022 at a price per share of Rs 4,600. 

On the sales front, Bajaj Auto posted a growth of 16 per cent in total sales in December 2023 to 3,26,806 units as against 2,81,514 units sold in December previous year. 

The firm's domestic sales in December saw an annual rise by 28 per cent to 1,90,919 units from 1,48,583 units in the same period in 2022.

In terms of exports, the company witnessed an annual jump of 2 per cent to 1,35,887 units in December 2023 as against 1,32,931 units in December previous year. Bajaj Auto shares closed 4.55 per cent higher at Rs 6,968 apiece on the NSE.