Here's why Bajel Projects stock rallied 10% on July 24; check details here

Bajel Projects stock zooms: Shares of Bajel Projects soared as much as 9.68 per cent to hit an intraday high of Rs 294 per share on Wednesday, July 24. 

The stock price surged after the company announced that it has secured an order worth Rs 586.28 crore.

In an exchange filing, Bajel Projects said, “We wish to inform you that the Company has been awarded a supply of Goods and Services contract by PowerGrid Corporation of India Limited for and on behalf of their project specific SPV i.e. Beawar‐ Mandsaur Transmission Limited, (“hereinafter referred to as the SPV/Project SPV Company).”

According to the order details, Bajel Projects will work on the transmission line package TL01 for 765 kV D/c Beawar – Mandsaur PS transmission line – Part I associated with “Transmission System for evacuation of power from Rajasthan REZ Ph‐IV (Part‐2: 5.5GW) (Jaisalmer/ Barmer Complex) Part‐D” through Tariff Based Competitive Bidding (TBCB) route. 

“The project is expected to be completed in 23 months from the date of issuance of notification of award,” Bajel Projects said.

Bajel Projects Ltd, established as a Public Limited Company, is a wholly owned subsidiary of Bajaj Electricals Limited (BEL). It was formally incorporated on January 19, 2022, under the Registrar of Companies Mumbai. 

Previously a division of Bajaj Electricals Limited, Bajel Projects Ltd. has emerged as a prominent player in the Engineering Procurement and Construction (EPC) sector.

The company operates across four key business verticals including Power Transmission, Power Distribution, Monopoles, and International EPC. 

It boasts a state-of-the-art manufacturing facility equipped with advanced machinery located at Ranjangaon MIDC, Pune. 

With a strong history spanning over two decades, Bajel Projects Ltd. is renowned for its expertise in handling high voltage and extra high-voltage transmission line projects, substations, underground cabling, poles, monopoles, high mast installations, electrification projects, feeder separation, and lift irrigation projects on a comprehensive turnkey basis.

The market capitalisation of the company is Rs 3,286.04 crore, according to Bombay Stock Exchange (BSE).

At 11:57 AM, shares of the company were trading 6.44 per cent higher at Rs 285.35 per share. In comparison, BSE Sense was trading 0.40 per cent lower at 80,106.33 levels.