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While brokerages lauded Bajaj Auto's stellar earnings report for January-March, many maintained a 'sell' rating on the stock, citing target prices significantly lower than the current market value
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.
Following the announcement, shares of rate-sensitive sectors like banking, financial services, automobile and real estate posted strong gains after the announcements.
Tepid exports recovery, margin worries, EV subsidy reduction and rising competition in entry segments are among the concerns.
CLSA revised its outlook on the stock to a