The shares of this leading engineering, procurement, and construction company gained up to 8 percent after the company received an LOI for the supply of Plant and Installation Services for the Engineering, Procurement, and Construction worth Rs 487.64 crore.
With a market capitalization of Rs 1,720.77 crore, the shares of Bajel Projects Ltd were trading at Rs 149.50 per share, increasing around 3.28 percent as compared to the previous closing price of Rs 144.75 apiece.
According to the exchange filing, The Tata Power Company Limited issued a LOI worth Rs 487.64 crore to Bajel Projects Ltd for the supply of Plant and Installation Services for Engineering, Procurement, and Construction on behalf of their project-specific SPV, M/s Jalpura – Khurja Power Transmission Limited.
In addition to the above paragraph, The project is expected to be finished within 18 months of the effective date.
Looking into Bajel Projects Ltd’s financial performance, revenue increased by 198 percent from Rs 66.94 crore in Q2 FY23 to Rs 199.95 crore in Q2 FY24. During the same period, net profit decreased by 241 percent, from a profit of Rs 3.14 crore to a loss of Rs 4.44 crore.
Bajel Projects Ltd’s recent shareholding pattern, The Promoters of the company owns 62.85 percent while Retail shareholders own a 14.66 percent stake in the company and Foreign Institutional Investors own a 10.51 percent stake.
In early 2022, Bajaj Electricals announced plans to spin off Bajel Projects, its electricity transmission and distribution (T&D) division, into a separate company.
Bajel Projects Ltd operates in the fields of engineering, procurement, and construction]. Bajel Projects Limited (BPL) is a separate legal company from Bajaj Electricals Limited. Its EPC business consists of Power Transmission and Power Distribution.
Written by:- Abhishek Singh
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