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India’s Bajaj Auto to Buy Back Shares Worth $319 Million

The assembly line at the Bajaj Auto Ltd. plant in Chakan, India.
The assembly line at the Bajaj Auto Ltd. plant in Chakan, India.

Photographer: Adeel Halim/Bloomberg

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Bajaj Auto Ltd. will buy back shares worth as much as 25 billion rupees ($319 million) as its stock trades close to a record high.

The company’s board approved the buyback at a price as high as 4,600 rupees, the Pune-based manufacturer of two- and three-wheelers said in an exchange filing on Monday. Shares of the firm rose 1.3% to 3,861.20 rupees at the close in Mumbai, extending gains for the year to 19%.