Bajaj Electricals rose 2.75% to Rs 223.80 at 10:20 IST on BSE after the company entered into strategic alliance with UK-based Gooee for lighting solutions.
The announcement was made after market hours yesterday, 13 December 2016.Meanwhile, the BSE Sensex was down 45.30 points, or 0.17%, to 26,652.52.
On the BSE, so far 8,998 shares were traded in the counter, compared with average daily volumes of 33,061 shares in the past one quarter. The stock had hit a high of Rs 225 and a low of Rs 220 so far during the day.
The stock hit a 52-week high of Rs 280 on 10 August 2016. The stock hit a 52-week low of Rs 155.35 on 29 February 2016. The stock had underperformed the market over the past 30 days till 13 December 2016, sliding 2.16% compared with the 0.45% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 18.79% as against Sensex's 5.90% decline.
The small-cap company has equity capital of Rs 20.24 crore. Face value per share is Rs 2.
Bajaj Electricals has entered into a strategic alliance with UK-based firm Gooee to take the next step in its journey towards digitization and in creating innovative lighting products and solutions on IoT (Internet of Things) platform. Under this arrangement, Gooee will be the first full stack operating platform providing Bajaj Electricals a service driven framework to deliver IoT applications to their discerning customers. IoT refers to the connection of devices other than computers and smartphones to the internet.
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Bajaj Electricals' net profit dropped 10.8% to Rs 16.66 crore on 10.4% fall in net sales to Rs 991.56 crore in Q2 September 2016 over Q2 September 2015.
Bajaj Electricals has a diversified business viz - consumer products (appliances, fans, lighting), exports, luminaires and EPC (illumination, transmission towers and power distribution).
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