Bajaj Electricals lights up after huge block deal

Around 2.14 million shares, or 1.9 percent stake, of the Bajaj group company changed hands but the details of the buyers and the sellers were not immediately known

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Bajaj Electricals Ltd  gained nearly 3 percent, its biggest jump since March 3, in the morning trade on April 19 after a huge block deal in which around 2.14 million shares, or 1.9 percent stake, of the company changed hands.

The details of the buyers and the sellers were not known, news agency Bloomberg reported.

The stock rose 2.9 percent and hit a high of Rs 1,080. At 10.40 am, the stock was trading at Rs 1,068 on BSE, up 2.4 percent from the previous close.

The Bajaj group firm recently said it secured an order worth Rs 564.87 crore from South Bihar Power Distribution Company.

The order entails the supply of plant and installation services for the development of the distribution infrastructure of the electric supply circle in Sasaram and Munger. The project has to be completed in 30 months.

At the end of the third quarter of the financial year 2022-23, Bajaj Electricals’ engineering and procurement segment had an order book of Rs 1,200 crore.

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A few days ago, the consumer durables, lighting and EPC player firm appointed Devika Sachdev the head of advertising and brand management.

With over 21 years of experience in brand marketing and communications, Sachdev will lead the communication initiatives for Bajaj, Morphy Richards, and Nirlep brands.

Her role will involve developing integrated marketing communication strategies, executing brand strategies, media planning, and digital marketing, the company said.

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