Bajaj Electricals shares surge 7% on order win of Rs 35.78 billion in UP

The stock surged 7% to Rs 660 on the BSE in early morning trade, quoting close to its 52-week high of Rs 664 on April 4, 2018 in intra-day trade.

Shares of Bajaj Electricals have surged 7% to Rs 660 per share on the BSE in early morning trade after the company said it has bagged orders worth of Rs 35.78 billion for rural/urban electrification projects in the state of Uttar Pradesh from Madhyanchal Vidyut Vitaran Nigam Limited (MVVNL).

The projects shall be completed within 15 months from the date of issue of LoI, the company said in the filing.

The contract is for work of rural/urban electrification and related work on turnkey basis under the Saubhagya Yojna of Government of India, it added.

At 09:24 am; the stock was trading 5.5% higher at Rs 653 on the BSE, as compared to a marginal 0.04% rise in the S&P BSE Sensex. It was quoting close to its 52-week high of Rs 664, touched on April 4, 2018 on the BSE in intra-day trade.

A combined 8.22 million shares changed hands on the counter on the NSE and BSE so far.