Shares of Bajaj Electricals Ltd gained nearly 5% today after the leading consumer electrical equipment manufacturer said it has been awarded the contracts for supply of goods and services by SBPDCL, a domestic entity, under RDSS Scheme worth Rs 565 crore.
Bajaj Electricals Ltd stock gained 4.75% to Rs 1155.55 against the previous close of Rs 1103.15. Market cap of the firm rose to Rs 12,976 crore on BSE. The stock has gained 4.52% in the last three days. Bajaj Electricals shares have risen 5.25% in one year but lost 7.21% since the beginning of this year.
Total 5,789 shares changed hands amounting to turnover of Rs 67.57 lakh on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 40.3, signaling the stock is neither oversold nor overbought. The stock has a one-year beta of 0.4, indicating low volatility during the period. Bajaj Electricals shares are trading higher than the 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.
The stock hit a 52 week high of Rs 1265 on August 23, 2022 and a 52 week low of Rs 857.55 on June 17, 2022.
“Bagging of Awards/Contracts for Supply of Plant and Installation Services, for development of (i) Distribution Infrastructure of Electric Supply Circle Sasaram (Rohtas and Kaimur districts) and (ii) Distribution Infrastructure of Electric Supply Circle Munger (Munger and Lakhisarai districts) of Bihar, under ‘Revamped Reforms-Based And Results-Linked Distribution Sector Scheme (RDSS)’, through National Competitive Bidding, from the South Bihar Power Distribution Company Limited (‘SBPDCL’), vide their letters dated March 3, 2023, aggregating to Rs. 564.87 crore (excluding taxes),” said the electrical goods firm.
In the third quarter of the current fiscal, Bajaj Electricals Ltd reported an increase of 26.88 per cent in its consolidated net profit to Rs 61.12 crore helped by growth in the consumer product segment. The company had posted a net profit of Rs 48.17 crore during the October-December quarter of the previous fiscal.
Revenue from operations rose 12.47 per cent to Rs 1,484.49 crore during the quarter under review as against Rs 1,319.81 crore of the corresponding quarter. Bajaj Electricals’ total expenses were at Rs 1,419.06 crore, up 12.48 per cent in Q3/FY23 as against Rs 1,261.50 crore a year ago.
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