Shares of Bajaj Electricals rose over 5% on October 18 over the company receiving a Rs 347.29 crore service contract from Power Grid Corporation of India. Bajaj Electricals shares closed at Rs 1,119.80, up 2.77% from the previous closing price on the National Stock Exchange (NSE).

In an exchange filing on Tuesday, the Bajaj Group company announced that Power Grid Corporation of India had awarded it a supply of services contract on behalf of and for their Project-specific transmission company.

The contract entails a 765-kilo volt (kV) transmission line stretching 109 km at Bhadla, Rajasthan, associated with the transmission system for evacuation of power from REZ in Rajasthan (20 GW) through a tariff-based competitive bidding route. The project will be completed in 15 months at an aggregate cost of Rs. 347.29 crore.

This is the third order Bajaj Electricals received from Power Grid this month. Earlier on October 13, the company received a Rs 564.20 crore contract for the supply of a 400kV New Transmission Line – 83.12km and 400kV New Transmission Line – 183km at Ananthapur and Kurnool for, and on behalf of, their special purpose vehicle (SPV) Ananthpuram Kurnool Transmission, to be completed within 21 months.

Also, on October 9, the company was awarded a Rs. 97.65 crore service contract entailing a 765 kV extension works at 2 locations of Bhadia II and Sikar III in Rajasthan, to be completed in 15 months.