Bajaj Auto Stock Hits Peak After Buyback News. Where Will It Go From Historic Levels?

According to AK Prabhakar of IDBI Capital, Bajaj Auto's buyback news is huge and will generate significant wealth for investors. AK Prabhakar is also optimistic about Mahindra & Mahindra within the automotive sector, projecting a potential return of 20-25% within a span of 12 to 15 months. Bajaj Auto's shares soared to achieve an all-time high, prompted by the company's announcement to deliberate a share buyback during its board meeting on 8 January. This development follows a previous instance where the company executed a ₹2,500 crore share buyback in July 2022, pricing its shares at ₹4,600 each through the open market route. Notably, Managing Director Rajiv Bajaj has suggested that this upcoming buyback is expected to be substantially larger.