The record date for Bajaj Auto’s Rs 4,000 crore buyback offer has been set as February 29, Thursday, the company informed in its filing to the exchanges on Friday. The company had announced its plans to buyback shares from existing shareholders on January 8.

Under the offer, Baja Auto will buy 40 lakh fully paid-up equity shares of the company at Rs 10,000 per equity share. However, the aggregate amount that will be used for buyback of shares will not be more than 4,000 crore.

The issuing company fixes a particular date when the investor must own shares to be eligible to participate in corporate events like receiving dividend, bonus shares etc. This is called a record date.

Bajaj Auto shares today ended with gains of 2.7% on the NSE at Rs 8,344. It was among the top five gainers in the Nifty pack and jumped over 4% to hit a 52 week high of Rs 8,455.45.

The two-wheeler major had reported a 37% year-on-year (YoY) growth in its standalone net profit at Rs 2,042 crore for the third quarter ended December 2023, beating ET Now poll estimate of Rs 1,961 crore. The company’s profit was Rs 1,491 crore a year ago.

Revenue from operations in the said quarter increased by 30% YoY to Rs 12,114 crore, which was also higher than the poll estimate of Rs 11,875 crore. Revenues were at Rs 9,315 crore in the last year quarter.The robust revenue growth was led by acceleration in the domestic business on the back of sharp execution and impactful activation during the festive season.The export sales limited the growth to an extent, but the company said they are recovering amid continued challenges in the overseas markets.

The company posted its highest-ever quarterly EBITDA at Rs 2,430 crore, which was up 37% YoY. Margins improved significantly during the third quarter by 100 basis points to 20.1%.

Following company’s earnings Kotak Institutional Equities maintained a ‘Sell’ rating on the counter holding it expensive at current valuations. The target price suggested by Kotak is Rs 5,000. It said that most positives are already priced-in, in the current market price. Meanwhile, Nuvama reiterated a ‘Hold’ view on the stock for a target of Rs 6,850, revised from an earlier target of Rs 6,700.

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