The fund has bought about additional 20 lakh shares or 1.73% stake in the company today through bulk deals, BSE data showed. With the latest transaction, the total shareholding of the foreign investor is raised to 3.03%.
Separate deals data showed that California-based venture capital firm Small Cap World Fund, which holds 5.3% in Bajaj Electricals, has offloaded 22 lakh shares or 1.94 stake in the company, reducing its holding to 3.36%.
The total foreign investors holding in Bajaj Electrical is at 11.21%, while mutual funds own 11.53%, as of March quarter.
On Wednesday, Bajaj Electricals shares closed 3.23% higher Rs 1,077 on the NSE. The stock is down about 10.10% so far this year. The stock rose 4% intraday on reports of a block deal.
Meanwhile, it has delivered multibagger returns to its investors, rising over 200% in the last three years.
Bajaj Electricals manufactures electric fans and general lighting items, such as lamps, special lamps, fluorescent tubes, and lighting fixtures. The company also makes consumer durables like small electrical appliances.As per Trendlyne data, the average target price of the stock is Rs 1,296, which shows an upside of 20% from the current market price of Rs 1,076.
The consensus recommendation from 17 analysts for the stock is a ‘buy’. Of the 17 analysts covering the stock, 11 have strong buy and buy ratings, while only one has a sell rating. The remaining five have hold ratings.
Technically, Bajaj Electricals is trading below 5 out of 8 SMAs. The stock traded higher than the 5-day, 10-day and 20-day moving averages but lower than the 30-day, 50-day, 100-day, 150-day, and 200-day moving average.
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