Mumbai: Shares of Bajaj Electricals Limited hit a fresh record high this morning, riding on an announcement from the company that it has bagged new orders worth over Rs 3500 crore.
On the National Stock Exchange, the stock (up 7% at Rs 661.70) climbed to a new record high of Rs 671. The Bajaj Electricals counter on the exchange has clocked a volume of nearly 4 million shares so far in today's session.
The stock zoomed to Rs 669.90, a record high, on fairly impressive volumes on BSE. At Rs 661.55, it is currently up nearly 7% from its previous closing price. On BSE, the counter has clocked a volume of over 3.33 lakh shares so far in the session, more than four times the average daily volume of about 79,000 shares.
Bajaj Electricals announced that the company's Engineering & Project Business Unit has bagged ten orders worth Rs 3577.93 crore from Madhyanchal Vidyut Vitran Nigam Limited (MWNL) for rural and urban electrification projects in the state of Uttar Pradesh.
The projects are to be undertaken in Baudan & Bareli, Lucknow & Unnao, Shajanpur & Pilibhit, Sultanpur &
Amethi, Sitapur, Hardoi, Faizabad, Barabanki, Gonda and Ambedkar Nagar districts in the State of Uttar Pradesh, the company said.
The scope of Rural/Urban Electrification and related work is on turnkey basis under the Saubhagya Yojna of Government of India and the completion period of these projects is 15 months from the date of issue of LOI, according to the filing made by the company to the stock exchanges.
In the quarter ended December 2017, Bajaj Electricals posted a 23.96% increase in its net profit to Rs 36.83 crore, over a net profit of Rs 29.71 crore a year ago. Income from operations stood at Rs 1140.70 crore, up from Rs 1052.08 crore in the same period of the previous fiscal.