Bajaj Electricals surges 11% on board nod for business restructuring plan
Bajaj Electricals is currently engaged in the consumer product (CP) segment and engineering procurement and construction segment (EPC) segment
Shares of Bajaj Electricals surged 11 percent to Rs 1,159.95 on the BSE in Friday’s intra-day trade after the household appliances company announced that its board approved business restructuring.
At 10:36 am, Bajaj Electricals was up 8 percent at Rs 1,134 on the BSE. In comparison, the S&P BSE Sensex was down 0.31 percent at 58,624. The stock had hit a 52-week high of Rs 1,588.55 on September 17, 2021. The trading volumes at the counter jumped over five-fold with a combined around 1.4 million equity shares changing hands on the NSE and BSE.
“The board of directors of the company, at its meeting held on December 9, 2021, has authorized some of the directors and officials of the company to review the corporate structure of the company to unlock growth and value creation for all business segments (restructuring),” Bajaj Electricals said.
The board has also approved the formation of a wholly-owned subsidiary of the company, which could provide a ready vehicle to…read more