In a regulatory filing, the Pune-based company said the buyback initiative has begun with effect from July 4
The company's total two-wheeler sales grew 2 per cent year on year (YoY) to 315,948 units, mainly due to a 23 per cent YoY jump in exports at 190,865 units during the month.
Two-wheeler exports last month grew 23 per cent to 1,90,865 units as compared to 1,54,938 vehicles in the year-ago period
CLOSING BELL: M&M, Tech M, Dr Reddy's Labs, Reliance Industries, HCL Tech, and Tata Steel were the top gainers on the 30-pack index
The company intends to buy back 5.43 million shares, aggregating up to 1.88 per cent of its paid-up share capital via the open market at Rs 4,600 per share.
Stocks to watch today: Bajaj Auto approved buyback of shares worth up to Rs 2,500 crore; Moody's upgraded Tata Steel's outlook to 'positive' from 'stable'
Two-wheeler giant Bajaj Auto to take back 5.43 mn shares at Rs 4,600 a piece
Fall in raw material prices, low base, and normal monsoon are other positives
On June 14, the company's board had deferred a decision on its proposed share buyback citing further deliberations were required on the proposal
Hero MotoCorp, Bajaj Auto and Eicher Motors need to cross their significant hurdles with aggressive volume for further gains to emerge.
CLOSING BELL: Maruti Suzuki, Eicher Motors, Hero MotoCorp, Bajaj Auto, M&M, and Tata Motors were the top Nifty gainers, advancing between 3.5 per cent and 6.7 per cent
Stocks to Watch today: The US FDA has issued Glenmark Pharma form 483 with 6 observations for its Baddi Unit, which was inspected between June 13-22, 2022.
CLOSING BELL: NTPC, Infosys, HUL, Wipro, and RIL slipped over 1 per cent each
Stocks to watch today: SBI and IDBI Bank have raised their interest rates on retail term deposits, subject to different tenors; LIC hiked stake in Hero MotoCorp to 11.2 per cent from 9.1 per cent.
Bajaj Auto said that the board has decided that further deliberations are required in order to take a decision on the proposal of buyback
Company informs stock exchanges that its board 'has decided that further deliberations are required in order to take a decision on the proposal of buyback'
Chetak is looking to create a portfolio of e-two wheeler models by addressing various needs and catering to a vivid customer profile, Rakesh Sharma, executive director, Bajaj Auto said.
'Issue is the underlying process of the manufacturing,' says Bajaj Auto MD.
Stock market highlights: Over 35 Nifty stocks ended the session in the red with Bajaj Finance, HDFC, Kotak Bank, Hindalco, Wipro, Reliance Industries, Tech M, and Infosys falling between 2.5-4%
The board of directors of Bajaj Auto is scheduled to meet on Tuesday, 14 June 2022, to consider a proposal for buyback of fully paid-up equity shares of the company