Bajaj Electricals stock settles with 6 pc gains; m-cap rises by Rs 365 cr

Shares of Bajaj Electricals settled with gains of nearly 6 per cent on Tuesday after the company bagged orders worth Rs 3,577.93 crore from Madhyanchal Vidyut Vitaran Nigam Limited (MVVNL). During the day, the stock surged to its 52-week high of Rs 669.90, up 8.18 per cent over its previous closing price. At the end of today's trading session, the stock was quoted at Rs 654.10, up 5.64 per cent on the BSE. Following the uptick, the market capitalisation of the company improved by Rs 365.34 crore and stood at Rs 6,674.27 crore at the end of today's trading session. On the NSE, the stock opened at Rs 645, then surged to an intra-day high of Rs 671 and finally settled at Rs 654.90, up 5.85 per cent over its last close. The engineering and project business unit of the company has bagged orders for ten rural/urban electrification projects aggregating worth Rs 3,577.93 crore (including GST) from MWNL under the Saubhagya Yojna of Government of India, the filing said. The location for the rural/urban electrification projects include Baudan & Bareli, Lucknow & Unnao, Shajanpur & Pilibhit, Sultanpur & Amethi, Sitapur, Hardoi, Faizabad, Barabanki, Gonda and Ambedkar Nagar districts in Uttar Pradesh. The company further noted that the projects shall be completed within 15 months from the date of issue of letter of intent (LOI).