Bajaj Electricals rises after HDFC MF hikes stake

Bajaj Electricals rose 1.63% to Rs 343.10 after HDFC mutual fund increased its stake in the company to 7.175% from 5.164% earlier.

HDFC mutual fund purchased an additional 2.011% stake in Bajaj Electricals as of 26 November 2019. The announcement was made after market hours yesterday, 27 November 2019.

Meanwhile, the S&P BSE Sensex was up 85 points or 0.21% to 41,105.90.

The stock was trading in the range of Rs 340.75 to Rs 347.60 so far during the day.

On the technical front, the stock's RSI (relative strength index) stood at 47.967. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 368.52 as well as below its 200 DMA placed at Rs 453.78.

Bajaj Electricals reported a consolidated net loss of Rs 32.42 crore in Q2 September 2019 as compared to a net profit of Rs 30.21 crore in Q2 September 2018. Net sales declined 32.2% to Rs 1,074.65 crore in Q2 September 2019 over Q2 September 2018.

Bajaj Electricals is engaged in engineering and projects, power distribution, illumination and consumer durables businesses. The company's business segments consist of lighting, consumer durables, engineering & projects and others. The lighting segment includes lamps, tubes and luminaries.

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