Bajaj Electricals shares jump after Bajel Projects gets Rs 347 order from Power Grid

Bajaj Electricals Share Price: Shares of Bajaj Electricals traded in positive territory on BSE on Wednesday (October 18) after its transmission and distribution company, Bajel Projects Limited, received an order worth Rs 347.29 crore from Power Grid for a project in Rajasthan.

The Bajaj Electricals closed the trading on Wedneday higher by 2.59 per cent, or Rs 28.30, at Rs 1,122.80, at 12:37 pm on Wednesday.

The stock closed the trading session on Tuesday at Rs 1,094.50 to open at Rs 1,121.05 on Wednesday and hit the day's high of Rs 1139.40 before settling to its closing price.

There was spurt in stock volume by 3.91 times, as per the BSE.

Bajel Projects had also signed a deal with Power Grid last week.

What is Bajaj Electricals' order all about?

Bajaj Electricals, in a BSE filing on Tuesday, said that Bajel Projects Limited had received an order worth Rs 347.29 crore for the installation of 765kv new transmission line of 109km at Bhadla, Rajasthan.

As per the company, the project should be completed in 15 months from the date of issue of NOA/LOA.

What is Bajel Projects?

Bajaj Electricals demerged its power and transmission (T&D) business into a separate company, Bajel Projects.

How Power Grid shares are faring?

After the deal, shares of Power Grid, unlike Bajaj Electricals, ended down 0.46 per cent, or Rs 0.95, at Rs 206.10 apiece on BSE on Wednesday.