Bajaj Auto announces Rs 5,600-crore share buyback
Pune-based automobile company Bajaj Auto Ltd officially informed the stock exchange about its second share buyback in two years on Wednesday, adding that it will buy back shares worth Rs 5,633 crore.
Pune-based automobile company Bajaj Auto Ltd officially informed the stock exchange about its second share buyback in two years on Wednesday, adding that it will buy back shares worth Rs 5,633 crore.
The stellar performance was mainly attributed to the GST 2.0 boost, according to data shared by the Federation of Automobile Dealers Associations (FADA).
The automobile industry emerged as the standout winner. Under GST 2.0, smaller sub-4 metre cars were shifted to the 18 per cent tax slab, and the compensation cess on automobiles was scrapped entirely.
Automobile exports from India grew by 22% year-on-year in the April–June quarter, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Railway Minister Ashwini Vaishnaw, on Tuesday, inaugurated the country’s largest automobile Gati Shakti Multi-Modal Cargo Terminal at Maruti Suzuki India Limited, Manesar, Haryana.
The automobile retail sales in November fell below market expectations, posting an 11.2 per cent growth compared to the same period last year. The development comes following a lucrative festive season in October.
The downward revision reflected delays in the recovery of automobile exports, impacted by certification-related issues with certain manufacturers.
Inventory levels in passenger vehicles in June reached an all-time high, ranging from 62 to 67 days, the report said
Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24.
The data released by the Federation of Automobile Dealers' Associations (FADA) attributed the spike the sales to a positive market sentiment driven by favourable monsoon.
