Bajaj Auto Tops Mahindra & Mahindra In M-Cap To Regain 3rd Largest Auto Company Tag
Bajaj Auto has achieved the third position as the most valuable automobile company in India, surpassing Mahindra & Mahindra. Bajaj Auto’s market capitalization reached Rs 2.09 lakh crore, exceeding M&M’s market value of Rs 2.03 lakh crore. Maruti Suzuki holds the top position as the most valuable automaker, followed by Tata Motors. Bajaj Auto shares gained 1.55% on Tuesday to close at Rs 7,094, extending their winning streak in the past year after the company announced a share buyback at a 43% premium over Monday’s closing price.
The company’s board on Monday approved a Rs 4,000 crore share buyback program at Rs 10,000 per share. It is set to acquire 40 lakh shares through the tender route, which is equivalent to 1.41% of the company’s outstanding shares.
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