Bajaj Electricals gains after unit wins order

Bajaj Electricals rose 2.89% to Rs 284.85 at 9:19 IST on BSE after the company said one of its unit won a new order worth Rs 108.63 crore from Maharashtra State Electricity Transmission Company.

The announcement was made after trading hours on Tuesday, 23 September 2014.

Meanwhile, the BSE Sensex was up 3.33 points, or 0.01%, to 26,779.02.

On BSE, so far 10,000 shares were traded in the counter, compared with an average volume of 82,557 shares in the past one quarter.

The stock hit a high of Rs 286 and a low of Rs 283.50 so far during the day. The stock hit a 52-week high of Rs 384.80 on 28 May 2014. The stock hit a 52-week low of Rs 156 on 13 November 2013.

The stock had underperformed the market over the past one month till 23 September 2014, falling 5.82% compared with 1.35% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 16.07% as against Sensex's 6.97% rise.

The small-cap company has an equity capital of Rs 20.10 crore. Face value per share is Rs 2.

Bajaj Electricals said its engineering & project business unit secured a turnkey contract for Rs 108.63 crore from Maharashtra State Electricity Transmission Co. for construction of 400kV D/C (Quad) line from 400kV Koradi-II S/Station to 765kV Koradi-II S/Station (line length - 38 km).

The scope of contract includes supply of towers, insulator, earth wire, hardware & accessories, survey, foundation, erection, stringing, testing and commissioning of transmission line on turnkey basis.

The contract completion period is 12 months from the date of letter of award (LoA).

Bajaj Electricals' reported 753% surge in net profit to Rs 5.63 crore on 12.5% rise in total income to Rs 889.89 crore in Q1 June 2014 over Q1 June 2013.

Bajaj Electricals is an electrical equipments manufacturing company. It has diversified interests in lighting, luminaries, appliances, fans, LPG based generators, engineering and projects. Its main domains are lighting, consumer durables, engineering and projects.

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