The stock is comfortably holding above the long-term and short-term moving averages placed at 50,30,20 and 10-DMA, a positive sign for the bulls.

Bajaj Electricals Ltd., incorporated in the year 1938, is a Mid Cap company (having a market cap of Rs 11135.32 Crore) operating in Consumer Durables sector.

The stock quoted a 52-week high price of Rs 354.55 and low of Rs 225.1.

The partially convertible rupee opened at an all-time low of 77.8190/$1 and was last trading at 77.8150/$1. The domestic currency had settled at a record closing low of 77.7650/$1 on Thursday.

Promoters held 48.04 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 26.88 per cent and 11.47 per cent, respectively.

The Relative Strength Index of the stock stood at 65.67 on Friday.

The portfolio benefits from a stable mix of annuity and toll cash flows, with the projects located strategically across India including in the most prominent North-South highway corridor, said an Actis statement.

“After dividend payout, there will be Rs 16,500 in cash and cash equivalent at the end of June with the company. Annual capex is not very high at Rs 500-600 crore and Rs 10,000-12,000 crore cash in the balance sheet is more than sufficient. All this calculation leads to roughly Rs 3,000-5,000 crore in buyback value and the price is right now at around Rs 3,900. So buyback would be somewhere in the range of Rs 4,000-4,500.”

Gold futures on MCX were trading lower, declining 0.21 per cent or Rs 105 to Rs 50,900 per 10 grams. However, silver futures plunged 0.50 per cent or Rs 301 to Rs 61,101 per kg.

The Nifty Bank index was trading 1.24 per cent down at 34648.9.