New Delhi: Shares of Bajaj Electricals surged more than 7 per cent in morning trading after the company bagged orders worth Rs 3,577.93 crore from Madhyanchal Vidyut Vitaran Nigam Limited (MVVNL).
In a regulatory filing on April 16, the company had said 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 shares of the company opened at Rs 640.30, then surged to 52-week high of Rs 665.85, up 7.53 per cent over its previous closing price
On 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) 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).