India’s Bajaj Auto to consider share buyback on Jan 8; stock soars

BENGALURU (Reuters) – India’s Bajaj Auto said on Wednesday it will consider a share buyback proposal on Jan. 8, sending its shares to a record high with a nearly 6% increase.

The buyback plan follows a whopping 88% surge in the company’s stock in 2023, marking its best year since 2009 and outpacing a 47.6% rise in the Nifty Auto index.

Shares of Bajaj Auto were last trading up 4.3% on Wednesday.

The maker of two- and three-wheelers is also set to report its third-quarter results on Jan. 24.

The ‘Pulsar’ motorcycle-maker last bought back shares worth 25 billion rupees ($300.2 million) between July and October 2022.

($1 = 83.2825 Indian rupees)

(Reporting by Chris Thomas and Ashish Chandra in Bengaluru; Editing by Dhanya Ann Thoppil)