Bajaj Electricals Shares Jump Nearly 9% After Rs 564-Crore Power Grid Order
The order to lay a new transmission lines in Andhra Pradesh shall be completed within 21 months.
Shares of Bajaj Electricals Ltd. rose nearly 9% on Monday after it bagged an order worth Rs 564.2 crore from Power Grid Corporation of India for new transmission lines in Andhra Pradesh.
The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool, according to an exchange filing on Friday.
The projects shall be completed within 21 months from the date of issue of their respective notices of action, the statement said.
Shares of the company jumped as much as 8.93%, the most in a single day since June 30, 2022, before paring gains to trade 3.14% higher at 10:28 a.m. This compares to a 0.02% decline in the benchmark NSE Nifty 50.
The stock has risen 1.51% on a year-to-date basis. The total traded volume so far in the day stood at 34 times its 30-day average. The relative strength index was at 60.14 as of 10:23 a.m.
Of the 22 analysts tracking the company, 16 maintain a 'buy', four suggest a 'hold', and two recommend a 'sell', according to Bloomberg data. The average of 12-month consensus price target given by analysts implies an upside of 10.7%.