Bajaj Electricals stock soars on massive block deal

Bajaj Electricals stock soars on massive block deal

Bajaj Electricals Ltd experiences 3% surge in shares after a massive block deal; Appoints new Head of Advertising and Brand Management

Bajaj Electricals Ltd experiences a significant surge of almost 3% in its shares, which is the largest jump since March 3rd, during the morning trade on April 19th, due to a massive block deal where approximately 2.14 million shares, equating to 1.9% of the company’s stake, were traded.

Bloomberg reported that the identities of the buyers and sellers were unknown. As of 10:40 am, the stock was trading at Rs 1,068 on BSE, up 2.4% from the previous close, with a high of Rs 1,080.

Recently, the Bajaj Group firm reported that it had obtained an order worth Rs 564.87 crore from South Bihar Power Distribution Company, involving the supply of plant and installation services for the development of the distribution infrastructure of the electric supply circle in Sasaram and Munger.

This project has to be completed in 30 months. In the third quarter of the financial year 2022-23, Bajaj Electricals’ engineering and procurement segment had an order book of Rs 1,200 crore.

Moreover, a few days ago, the consumer durables, lighting, and EPC player firm announced the appointment of Devika Sachdev as the head of advertising and brand management. Sachdev, with more than 21 years of experience in brand marketing and communications, will lead communication initiatives for Bajaj, Morphy Richards, and Nirlep brands. Her job responsibilities will involve developing integrated marketing communication strategies, executing brand strategies, media planning, and digital marketing, according to the company.

About Bajaj Electricals:

Bajaj Electricals Ltd, a company based in Mumbai, Maharashtra, is a major player in the Indian consumer electrical equipment manufacturing industry. It is part of the Bajaj Group, a conglomerate worth ₹380 billion. The company has a diverse portfolio, with interests in luminaries, lighting, fans, appliances, engineering, projects, and LPG-based generators.

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