New Delhi: Shares of Bajaj Electricals Ltd surged more than 7% in morning trading after the company bagged orders worth Rs3,577.93 crore from Madhyanchal Vidyut Vitaran Nigam Ltd (MVVNL).
In a regulatory filing on 16 April, the company had said that it has bagged orders for rural/urban electrification projects in Uttar Pradesh from MVVNL aggregating Rs3,577.93 crore.
Following the announcement, the shares of the company opened at Rs640.30, then surged to 52-week high of Rs665.85, up 7.53% over its previous closing price.
On the National Stock Exchange (NSE), the stock opened at Rs645 then jumped 7.63% to an intraday high of Rs665.95, 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 Rs3,577.93 crore (including GST) from MWNL under the Saubhagya Yojna of Government of India, the filing said.
The 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 the State of Uttar Pradesh.
The company further noted that the projects shall be completed within 15 months from the date of issue of letter of intent (LOI).