On January 8, Bajaj Auto Ltd.’s board meeting is planned to examine a possible buyback of its equity shares. The Managing Director of Bajaj Auto, Rajiv Bajaj, recently spoke with CNBC-TV18. He provided a glimpse into the company’s successful 2023 and predicted that by the conclusion of the fiscal year 2024, the ending balance would be ₹20,000 crore.
Having previously executed a share buyback of ₹2,500 crore in June 2022 at ₹4,600 per share, Rajiv Bajaj emphasized that considering the higher cash reserves, the upcoming buyback is likely to surpass the previous one in scale.
Rajiv Bajaj articulated a commitment to returning value to investors, stating that when the company’s cash holdings exceed ₹15,000 crore, he anticipates allocating over 70% back to shareholders.
Bajaj Auto’s stock experienced a significant upswing, currently trading at ₹7,000, marking a 5% increase for the day. The shares have reached a historic high, reflecting an impressive 88% surge throughout 2023. Notably, Bajaj Auto’s shares ranked as the second-best performers on the Nifty 50 index in the previous year.
Based in Pune, Bajaj Auto Limited is a global Indian automotive manufacturer. It produces auto rickshaws, scooters, and motorbikes.
