Bajaj Auto to consider share buyback on January 8; Stock surges to a record high
Bajaj Auto MD Rajiv Bajaj exclusively told CNBC-TV18 that the buyback size will be bigger than the previous instance.
Bajaj Auto Ltd. will consider a buyback of equity shares at its board meet on January 8.
In an exclusive interaction with CNBC-TV18, Bajaj Auto Managing Director Rajiv Bajaj said that the company has had an excellent 2023 and will end financial year 2024 with cash of ₹20,000 crore.
Bajaj Auto had previously done a share buyback worth ₹2,500 crore in June 2022 at a price of ₹4,600 per share.
"It is logical to assume that the buyback size will be higher than the previous instance as the cash on the books is higher," Bajaj said.
The Bajaj Auto MD further said that whenever the company has more than ₹15,000 crore worth of cash on its books, he expects to give back over 70% to the investors.
Shares of Bajaj Auto have surged to the day's high, currently trading 5% higher at ₹7,000. Shares are trading at a record high, after having surged 88% in 2023. Bajaj Auto's shares were the second-best performers on the Nifty 50 index last year.
First Published: Jan 3, 2024 2:46 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM