Bajaj Elec surges on acquisition news

DALAL STREET SPIKES

Bajaj Electricals surged over 17.6 per cent to Rs 504.8 on volumes of over 18,500, as the company said it was in an advanced stage of negotiations to acquire an electrical firm based in the western part of the country.

Last week, the management had indicated that the deal size, which could be as large as Rs 100 crore, would be key to Bajaj Electricals' strategy of inorganic expansion.

The acquisition is expected to be finalised in the next one-and-a-half months and is to be funded primarily through internal accruals. The company offers a range of consumer electrical products.