Bajaj Electrical has moved higher by 7% to Rs 225 on reports that the company is trimming its low-margin engineering and projects (E&P) business to strengthen its balance sheet.
“The company which executing around 12 projects during the past two years, have trimmed the E&P portfolio to just six as the said business creating pressure on the company’s balance sheet due to cost overrun in older projects,” the report suggests quoting Shekhar Bajaj, chairman and managing director of Bajaj Electrical.
Last month, the company sold its entire 50% stake in Mumbai-based Bajaj Ventures Ltd for Rs 36 crore to Black and Decker India Pvt Ltd, the Indian arm of the US-based Black & Decker.
The stock has outperformed the market by gaining almost 10% in past two trading sessions against 1% fall in the benchmark index Sensex. Today, the stock opened at Rs 213 and has seen a combined 168,351 shares changing hands on the counter so far on the BSE and NSE.
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