Bajaj Consumer stock rises 5% on share buyback plan

Shares of Bajaj Consumer Care rose over 5% in a weak market today after the company said its board will consider a proposal for buyback of fully paid-up equity shares on December 9. Bajaj Consumer Care stock touched an intraday high of Rs 184.65, up 5.27% on BSE. Shares of Bajaj Consumer Care were trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. It opened 3.19% higher at Rs 181 on BSE.

The stock has risen 0.08% in a year and fallen 8.01% in 2022. However, in a week, the stock has zoomed 10.84%. 

Total 1.13 lakh shares of the firm changed hands amounting to a turnover of Rs 2.06 crore in the morning session. Market cap of the firm rose to Rs 2,688 crore on BSE.

The stock hit a 52-week high of Rs 207.45 on December 15, 2021 and a 52 week low of Rs 129.25 on June 17, 2022 on BSE.   

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“The Board of Directors of the company will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on Friday, December 9, 2022, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018. The outcome of the Board meeting will be disseminated to the stock exchanges after conclusion of the board meeting on Friday, December 9, 2022, in accordance with the applicable provisions of the SEBI Listing Regulations,” the firm said in a communication to the bourses.

The FMCG firm reported a 31.93 per cent fall in its consolidated net profit at Rs 31.65 crore for the second quarter ended September against a net profit of Rs 46.50 crore in the July-September quarter a year ago. Bajaj Consumer Care, part of the Bajaj Group of Companies, is operating in the beauty care category.

Total revenue from operations climbed 8 per cent to Rs 232.45 crore in Q2 against Rs 216.17 crore in the corresponding period of the preceding fiscal.

Bajaj Consumer Care Limited is a fast-moving consumer goods (FMCG) company. The company is engaged in the manufacturing of hair oils and personal care products. The company operates through cosmetics, toiletries and other personal care products segment.  

Meanwhile, Sensex fell 416 points or 0.66 per cent to trade at 62,418 and Nifty lost 105 points or 0.56 per cent to 18,596. Hindalco, Tata Steel, HCL Tech, ONGC, Hero MotoCorp were among the top losers in early trade.