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Bajaj Auto gains on buyback announcement, Zee Entertainment falls & more

NIFTY50: 21,544 ▲ 31 (+0.15%)
SENSEX: 71,386 ▲ 30 (+0.04%)


Among the NIFTY sectoral indices, Realty (+2.5%) and Auto (+0.9%) were the top gainers, while Media (-3.3%) and Financial Services (-0.4%) were the top losers.

What's Up

Top gainers Today's change
Hero MotoCorp 4,125 ▲ 115 (+2.8%)
Adani Ports 1,200 ▲ 32 (+2.7%)
SBI Life
1,452 ▲ 31 (+2.2%)

What's Down

Top losers Today's change
Britannia
5,114 ▼ 63 (-1.2%)
Bajaj Finserv 1,680 ▼ 16 (-0.9%)
Nestle India 2,595 ▼ 24 (-0.9% )

Market Sentiment

USD-INR 83.13 ▲ 0.08 (+0.10%)
NIFTY MIDCAP 100 46,969 ▲ 75 (+0.1%)
NIFTY SMALLCAP 100 15,409 ▲ 67 (+0.4%)
India VIX 13.26 ▼ 0.20 (-1.4%)

Stock Buzz


⭐ L&T hits 52-week high after large order win

Shares of engineering-to-construction hit a 52-week high of ₹3,593 per share today. This was after the company's building and factories division secured a new order to construct a 720-bed hospital in Haryana from HITES (a Mini Ratna PSU). As per the company, the order is valued in the range of ₹1,000 to ₹2,500 crore.

⭐ Bajaj Auto hits lifetime high on buyback announcement

Shares of the two-wheeler manufacturer closed 1.7% higher. They hit a new lifetime high of ₹7,399 per share after the company’s board approved ₹4,000 crore share buyback. The buyback price is set at ₹10,000 per share. The proposed buyback is at a 43% premium compared to yesterday’s closing price. The record dates and other details are yet to be announced.

⭐ Zee reaffirms merger commitment

Zee Entertainment shares witnessed high volatility after news articles reported that the company’s merger with Sony is likely to be called off. However, the company quickly responded, calling these rumours baseless and factually incorrect. Nonetheless, the company’s shares closed 7.9% lower today despite the clarification. Notably, a few weeks ago, both companies mutually agreed to extend the merger deadline.

⭐ Bharti Airtel subsidiary partners with Adani Energy

Airtel Business, the business-to-business (B2B) arm of the company, has partnered with Adani Energy Solutions to deploy 20 million smart meters with its transformative Internet of Things (IoT) solutions across Assam, Andhra Pradesh, Bihar, Maharashtra and Uttarakhand. Meanwhile, Airtel shares closed 1.4% higher.

⭐ Bharat Forge gains on new MoU

The forging company signed a memorandum of understanding to invest ₹1,000 crore with the Tamil Nadu government to expand its manufacturing operations in the state. This investment will be done over a period of five years. Following the announcement, shares of Bharat Forge closed 1.5% higher today.


IPO Corner

The Jyoti CNC Automation IPO was fully subscribed on Day 1. The IPO received an overall subscription of 2.5 times, with the retail segment being subscribed 8.2 times. To apply for this IPO. Click here.


Learn with Upstox

What is a share buyback?

A buyback, or share repurchase, is an action where a company repurchases its own shares from shareholders at a price higher than the current market value. There are two primary methods for buybacks: tender offer and open market offer. In a tender offer, a company directly invites shareholders to sell their shares at a specified price while in an open market offer, a company buys back its shares from the open market through stock exchanges at the existing market price. Companies often buy back shares at a premium over the existing stock price which benefits the shareholders.


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Categories: Market Recap