Buy Bajaj Auto; target of Rs 8818: KR Choksey

KR Choksey is bullish on Bajaj Auto has recommended buy rating on the stock with a target price of Rs 8818 in its research report dated March 06, 2024.

Broker Research

March 07, 2024 / 15:11 IST

Buy

26 Aug, 2025 12:21

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KR Choksey's research report on Bajaj Auto

BJAUT’s buyback was announced in January 2024 and has opened today, 6 th March 2024. Under the Offer, BJAUT will buyback up to 4 Mn fully paid-up equity shares of face value of INR 10, representing approximately 1.41% of the total number of Equity Shares of the Company. The buyback price is INR 10,000 per equity share, which is at a premium of 19.7% from the closing price as on 5 th March 2024. The buyback size is INR 40,000 Mn. BJAUT’s buyback offer will be open between 6 th March and 13th March 2024. The last date and time of receipt of the completed Tender Forms and other specified documents by the Registrar to the Buyback is Wednesday, March 13, 2024, 5:00 p.m. (IST). The record date for eligibility to participate in the buyback was on Thursday, February 29, 2024.

Outlook

Considering that the buyback price is at a 19.7% premium to yesterday’s closing, we believe it is an attractive opportunity for eligible shareholders to participate in the buyback. We are positive on the Company’s prospects and retain our estimates, target price and rating.

For all recommendations report, click here