Comments
Shares of Bajaj Electricals surged as much as 7 per cent as the company has bagged orders worth Rs 3,577.93 crore from Madhyanchal Vidyut Vitaran Nigam Ltd (MVVNL).
The company had said in a regulatory filing yesterday that it has bagged orders for rural/urban electrification projects in Uttar Pradesh from MVVNL aggregating Rs 3,577.93 crore.
Following the announcement, the company shares opened at Rs 640.30, then surged to a 52-week high of Rs 665.85, up 7.53 per cent over their previous closing price. On the NSE, the stock opened at Rs 645 then jumped 7.63 per cent to an intra-day high of Rs 665.95, its 52-week high level.
The engineering and project business unit of the company has bagged orders for ten rural/urban electrification projects aggregating worth Rs 3,577.93 crore (including GST)under the Saubhagya Yojna of Government of India, the filing said.
Location for the rural/urban electrification projects include Baudan & Bareli, Lucknow & Unnao, Shajanpur & Pilibhit, Sultanpur & Amethi, Sitapur, Hardoi, Faizabad, Barabanki, Gonda and Ambedkar Nagar districts in Uttar Pradesh.
The company further noted that the projects shall be completed within 15 months from the date of issue of letter of intent.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.