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Bajaj Electricals hits record high; zooms 111% in one year

SI Reporter/Mumbai 13 Mar 18 | 02:19 PM

Bajaj Electricals

Bajaj Electricals hit a record high of Rs 624, up 8.6% on the BSE in noon deal, surpassing its previous high of Rs 585 recorded on January 5, 2018 in intra-day trade.

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The company engaged in household appliances business has outperformed the market by surging 111% in past one year, as compared to 17.5% rise in the S&P BSE Sensex. Since February 7, 2018, after December quarter (Q3FY18) results, it rallied 28% against 0.18% decline in the benchmark index.

Bajaj Electricals last week launched the first of its kind Internet of Things (IoT) enabled air cooler– Bajaj COOL.iNXT. With the launch of this IoT product, Bajaj Electricals aims to improve customer’s experience through smart technology and intuitive designs. In the next two years, the company expects a huge potential for IoT enabled air coolers, not only from the residential space but also commercial.

Analysts at Emkay Global Financial Services expect Bajaj Electricals’ earnings to double in 2 years, backed by recovery in the consumer business. The company’s overall ROE/ROCE will improve to 21.4%/26.9% in FY20E from 15.7/16.3% in FY18E.

“Bajaj Electricals management informed investors that the consumer business revenue increased 27% YoY in Jan’18 (during Q3FY18 results call). As per management, this growth was not one-off and 20% growth rate is sustainable for the next 2-3 years. The company is confident about regaining lost market share, as the new distribution model is stabilizing quickly," the brokerage firm said in recent report on sector update. It maintains ‘buy’ rating on the stock with target price of Rs 674.

At 02:10 pm; the stock was quoting 5% higher at Rs 603 on the BSE, as compared to 0.4% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.14 million shares changed hands on the BSE and NSE.

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