Bharat Bijlee up 5% on expansion buzz

DALAL STREET SPIKES

Electrical equipment maker Bharat Bijlee's scrips shot up nearly 5 per cent to Rs 1290.25 on reports of the company entering services business from the products only platform.

Volumes on the counter doubled to nearly 33,000 compared with the two week average of 18,000 shares a day. Bharat Bijlee scrips had gone up steadily throughout last year, forcing the company to go for a 10:1 stock-split after it crossed the Rs 5,000 mark in September last year.

Since then, the stock has risen to more than double its value in the last eight months. The stock crossed the Rs 900 barrier at the beginning of this month and has been going up since then.

The company is looking for joint ventures for foraying into transmission and distribution business overseas as well as in local markets.