Why Is Bajaj Electricals Share Price Surging Today

Shares of Bajaj Electricals were back in the green on Monday after the company bagged a ₹565 crore government contract.

What Happened: The company Saturday informed that it was awarded the contract by the South Bihar Power Distribution Company to supply of plant and installation services. The company will deliver the services for the Sasaram and Munger circles in Bihar.

The company also stated in an exchange filing that the projects are to be completed within 30 months from the date of the issue of contracts.

See Also: Why Tata Power Shares Are On The Rise Today

The Bajaj Group company has had an ordinary month at the bourse as the stock slipped around 2.35% in the last month. The company saw its profits jump close to 27% to ₹61.1 crore in the December quarter.

Domestic brokerage firms have remained positive on the stock. Analysts at ICICI Securities maintained their ‘add’ rating for stock while Prabhudas Liladhar upgraded its rating from ‘hold’ to ‘accumulate’ after the company released its Q3 results.

Price Action: Shares of Bajaj Electricals traded 2.38% higher at ₹1,129.35 as the markets opened on Monday.

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Posted In: Bajaj Electricalsgovernment contractsICICI SecuritiesPrabhudas Lilladher