India's Bajaj Electricals rises as co wins contracts worth $69 mln

Bajaj Electricals

06/03/2023 04:43

** Shares of consumer and industrial goods company Bajaj
Electricals Ltd  BJEL.NS  rise as much as 5% to 1,158 rupees,
their biggest intraday pct gain since Feb 1   
    ** Stock touches its highest level since Feb 15
    ** Co said on Saturday it has received contracts for supply
of goods and services by domestic entity South Bihar Power
Distribution Company Ltd     
    ** The contracts were for supply of plant and installation
services with an aggregate value of 5.65 bln rupees ($69.05 mln)
    ** Twelve of 18 analysts covering the stock have a "buy" or
"strong buy" rating, while five have "hold" and one rates it as
"sell"; median PT is 1,335 rupees - Refinitiv data   
    ** As of last close, Bajaj stock down ~8% YTD 

     ($1 = 81.8250 Indian rupees)
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))