525 per cent returns & DIIs increase stake: This multibagger company receives new orders worth Rs 142.28 crore from Power Grid Corporation of India!

As of September 2023, Domestic Institutional Investors (DIIs) have increased their stakes to 12.06 per cent from 11.96 per cent in June 2023.

Bajaj Electricals Ltd informed that the company received new orders worth Rs 142.28 crore from PowerGrid Energy Services Limited, a wholly-owned subsidiary of Power Grid Corporation of India. Here are the details:

Order Details: Supply and installation of 11KV OH Line - 739KM, LT Line on insulated cable - 1349KM, Distribution Transformers - 790Nos, at Pulwama and Awantipura Districts of J&K. The above projects shall be completed within 18 months from the effective date of their respective Contract.

Bajaj Electricals Limited is a part of the Bajaj Group of companies and is a leading FMEG company spread across consumer products and EPC sectors. It also has a presence in premium home appliances and cookware segments with brands like Morphy Richards and Nirlep.

The company has a market cap of 11,800 crore. The company reported positive numbers in its Quarterly Results (Q2FY24) and annual results (FY23). In its annual results, the net sales increased by 13.5 per cent to Rs 5,418 crore and net profit increased by 68.6 per cent to Rs 237 crore in FY23 compared to FY22. As of September 2023, Domestic Institutional Investors (DIIs) have increased their stakes to 12.06 per cent from 11.96 per cent in June 2023.  

Today, shares of Bajaj Electricals Ltd surged 1 per cent to an intraday high of Rs 1,028 per share from its previous closing of Rs 1,017.80. The stock’s 52-week high is Rs 1,247.67 per share and its 52-week low is Rs 935.35. The stock gave returns of 525 per cent in a decade. Investors should keep an eye on this multibagger Mid-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.