Bajaj Auto stock rose over 2 per cent amid a weak market today after the two-wheeler major said its board would meet on June 14 to consider a proposal for buyback of fully paid-up equity shares. The stock of Bajaj Auto climbed 2.29 per cent to Rs 3,965 against the previous close of Rs 3,876.90 on BSE. The auto stock opened with a gain of 2.14 per cent at Rs 3960 on BSE.
Shares of Bajaj Auto are trading higher than 5-day, 20-day, 50-day, 100 day and 200-day moving averages. The stock has gained 20.16 per cent in 2022 and fallen 6.55 per cent in a year.
Total 9,299 shares changed hands amounting to a turnover of Rs 4.06 crore on BSE. The market cap of the firm rose to Rs 1.13 lakh crore.
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"This is to inform you that the meeting of Board of Directors of the Company is scheduled to be held on Tuesday, 14 June 2022, inter-alia to consider a proposal for buyback of fully paid-up equity shares of the Company in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018," the company said.
Last time, the company did a share buyback was in 2000. At that time, shareholders had approved a buyback of up to 1.8 crore equity shares at Rs 400 per share.
In May 2022, the two and three-wheeler logged sales of 2,75,868 units in May 2022 versus 2,71,862 units in May 2021, a growth of 1 per cent. The two-wheeler segment was the biggest gainer in the month as it logged a growth of 59 per cent in its domestic sales. Bajaj Auto sold 96,102 two-wheeler units in May 2022 versus 60,342 units in May 2021.
Bajaj Auto reported a 15 per cent decline in two-wheeler sales year-on-year as 1,53,397 lakh units were exported in May 2022 compared to 1,80,212 units in May 2021. Total sales comprising domestic sales and exports stood at 2, 49,499 units in May this year versus 2,40,554 units in the corresponding period year ago.
Meanwhile, Sensex was trading 702 points lower at 54,617 and Nifty lost 207 points to 16,270 in early trade.