Bajaj Electricals gains on new orders win

Bajaj Electricals surged 3.71% to Rs 294.70 at 10:31 IST on BSE after the company's engineering and project business unit bagged four new orders aggregating to Rs 602.12 crore.

The announcement was made after market hours on Thursday, 28 August 2014.

Meanwhile, the S&P BSE Sensex was up 211.08 points or 0.79% at 26,849.19

On BSE, so far 31,355 shares were traded in the counter as against average daily volume of 68,275 shares over the past one quarter.

The stock hit a high of Rs 302.30 and a low of Rs 293 so far during the day. The stock had hit a record high of Rs 384.80 on 28 May 2014 and a 52-week low of Rs 151.70 on 4 September 2013.

The stock had underperformed the market over the past one month till 27 August 2014, falling 12.79% compared with 1.66% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 24.9% as against Sensex's 8.19% rise.

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

Bajaj Electricals said that the company's engineering and project business has bagged four new orders for transmission lines in Tamil Nadu and West Bengal from Power Grid Corporation of India (PGCIL) and West Bengal State Electricity Transmission Company respectively; and rural electrification work at Bihar from North Bihar Power Distribution Company and South Bihar Power Distribution Company respectively.

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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