Bajaj Electricals Secures Order Worth Rs 564.87 Crore from South Bihar Power Distribution Company
Bajaj Electricals, the well-known Indian electrical equipment company, announced today that it has secured a massive order worth Rs 564.87 crore from South Bihar Power Distribution Company. The news caused a surge in the company’s stock, which rose by 2 percent to Rs 124.65 apiece on the National Stock Exchange.
The order involves the supply of plant and installation services for the development of distribution infrastructure of electric supply circle in Sasaram and Munger, with a completion timeline of 30 months. The company’s engineering and procurement segment had an order book of approximately Rs 1,200 crore at the end of the third quarter, and this new order will positively impact the segment’s revenue, according to brokerage firm ICICIdirect.
ICICIdirect predicts that the revenue for the engineering and procurement segment will experience a compound annual growth rate of 8 percent over FY22-25, thanks to the company’s robust order book and higher government capital expenditure on infrastructure.
This order will also support the company’s revenue growth, which has remained subdued in the past few quarters, and could help the stock price recover from its 26 percent drop since September 2021.
At 11.17 am, Bajaj Electricals’ stock had reached an intraday high of Rs 1,158.00, with two lakh shares of the company exchanged hands on the exchanges, significantly higher than the one-month daily traded average of 81,000 shares. With this new order and positive growth prospects, Bajaj Electricals is poised to continue its success in the electrical equipment industry.
About Bajaj Electronics:
Bajaj Electricals Limited is a part of the Bajaj Group of companies and is a leading FMEG company spread across Consumer Products – Appliances, Fans, Lighting, Exports, and EPC – Illumination, Transmission Towers and Power Distribution. It also has its presence in premium home appliances and cookware segments with brands like Morphy Richards and Nirlep.
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