© Reuters.
Shares of Bajaj Electricals saw a significant rise of 6.9% on Monday, reaching Rs 1,148 each on the NSE, following the company’s announcement of a Rs 564.2 crore contract with Power Grid Corporation of India. The stock made a notable jump from its Friday close of Rs 1,073.65 to Monday’s open at Rs 1144 per share.
The contract was awarded to Bajel, a subsidiary of Bajaj Electricals, which marks a stark contrast from the modest five-day increase of 8%.
Over the past year, Bajaj Electricals’ share prices have fluctuated between a low of Rs 935.35 and a high of Rs 1,247.67. This recent surge presents a significant development for the company’s market performance and reflects positively on its recent business endeavors.
Adding to this, InvestingPro real-time metrics reveal that Bajaj Electricals has been consistently increasing its earnings per share. This is a positive indicator of the company’s financial health and suggests strong earnings that should allow management to continue dividend payments. This is particularly relevant for investors seeking steady income from their investments, as highlighted by InvestingPro Tips.
In addition, Bajaj Electricals is a prominent player in the Household Durables industry, as per InvestingPro Tips. This gives the company a competitive edge in the market and is likely a contributing factor to its recent contract win and subsequent share price rise.
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