Engineering and electricals major Bajaj Electricals may have been going through a lean patch but Shekhar Bajaj, joint MD and promoter, recently bought a 0.6% stake from the open market. Bajaj purchased 6 lakh shares at ₹218.75 per share, thereby increasing his personal stake in the company to 7.56%, while the overall promoter holding is 66%. However, the promoters have not resorted to any pledging.
In a new light
Shkhar Bajaj of Bajaj Electricals purchased 6 lakh shares, thereby increasing his personal stake to 7.56%
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The company, which has been hit by a slowdown in its consumer durable business which grew 10% in the second half of the current fiscal, is now setting its sights on turning around the engineering and projects (E&P) segment. With near-completion of E&P legacy projects, it is now sharpening its focus on reducing receivables in the near term. These measures are expected to reap more profitability from FY16 and pull the company out of the red. It seems, then, that Shekhar Bajaj is intent on ramping up his stake in the company to take advantage of the good tidings in store.