The company will be buying 4 million shares via the tender route, representing 1.41 per cent of Bajaj Auto's outstanding shares
Under the Securities and Exchange Board of India (Sebi) regulations, the maximum limit for a buyback is 25 per cent or less of the paid-up capital and free reserves in that financial year
Earlier this month, Bajaj Auto reported a 16 per cent rise in total sales at 3,26,806 units in December 2023
With today's gain, the market price of Bajaj Auto has zoomed 96 per cent in the past one year, as against nearly 17 per cent surge in the S&P BSE Sensex
Pune-based Bajaj Auto said that it recorded a 26 per cent jump in two-wheeler (2Ws) domestic sales (Y-o-Y) in December at 158,370 units
In 2023, Maruti Suzuki launched the Baleno-based crossover, Fronx, Brezza's facelift, and an all-new Grand Vitara in the SUV space and grabbed more than 50% share of the segment
There are two discernible trends in the competitive electric two-wheeler market
Among individual shares, Bajaj Finance and Bajaj Finserv look ripe for further upside, while Bajaj Auto may witness some consolidation in the near-term, hint charts.
Bajaj Auto also reported an impressive jump of 81% Y-o-Y for commercial vehicles, which went up from 177,671 to 321,140 units for November 2023
Bajaj Auto reported the highest-ever domestic commercial vehicle sales in October 2023, which were up 39%
On the profitability front, favourable raw material costs and better product mix led to a 260 basis points y-o-y jump in operating profit margins to 19.8 per cent
Charts suggest that Bajaj Auto can potentially rally up to 7 per cent from present levels, while Bajaj Finance, Bandhan Bank and Wipro can tumble up to 21 per cent.
Bajaj Auto said the margin in Q2 was driven by better realisation and a richer product mix, which more than covered the drag arising from investments on growing electric scooters.
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After Diwali, Bajaj Auto plans to introduce six new products and upgrades in the 125 cc plus category
The company's total income for Q2FY24 came in at Rs 11,206.84 crore, compared to Rs 10,536.56 crore year-on-year
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This contrasts sharply with the passenger vehicle (PV) market, where automotive manufacturers are posting record sales numbers
Domestic commercial vehicle (CV) sales for Bajaj Auto grew by 60 per cent Y-o-Y as the automaker sold 50,683 units in September 2023, compared to 31,752 units sold in September 2022
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