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Bajel Projects has secured two international orders falling cumulatively in the ultra-mega band. The combined order value falls under the ultra-mega category (Rs 400+ Crores), covering the construction of two contiguous sections of the 500 kV overhead transmission lines.
The project is part of a flagship national grid reinforcement programme aimed at strengthening the high-voltage backbone in the Middle East and North Africa (MENA) region and enabling reliable power evacuation to support growing economic and industrial demand.
The company bagged EPC contracts for the construction of 500 kV overhead transmission lines under Lot 1 and Lot 5 for the international client. The project is expected to be completed in 11 months from the commencement date.
The project is part of a flagship national grid reinforcement programme aimed at strengthening the high-voltage backbone in the MENA region and enabling reliable power evacuation to support growing economic and industrial demand.
Rajesh Ganesh, managing director & CEO, Bajel Projects, said, “Winning these orders is a defining moment for Bajel Projects. Being entrusted with a 500 kV transmission corridor in the MENA region reflects the global confidence in our engineering capability, project execution rigour, and ability to deliver complex high-voltage infrastructure in international markets. This order strengthens our footprint in the MENA region, and we remain committed to delivering this project to the highest standards of quality and safety.”
Bajel Projects (BPL) is a leading company in the business of power infrastructure, with a strong presence in the power transmission and power distribution sectors. BPL was formerly part of Bajaj Electricals under the EPC segment.
The company reported a consolidated net loss of Rs 0.42 crore in Q3 FY26, compared with a net profit of Rs 1.46 crore posted in Q3 FY25. Revenue from operations declined 9.64% year-on-year to Rs 562.34 crore in the quarter ended 31 December 2025.
Bajel Projects announced the signing of a collaboration agreement with National Investment and Infrastructure Fund (NIIF), a sovereign-linked alternative asset manager anchored by the Government of India and AnantGrid, a power transmission developer promoted by NIIF.
The collaboration agreement proposes to participate in the opportunities of mutual interest in the power transmission sector in India, emanating from the Government of India's focus on renewable energy integration, grid modernization, and private sector participation. The framework aims to deliver high-quality and cost-efficient power transmission projects on time in India by combining:
Bajel Projects will hold 50% of the equity share capital of the JVCo, while the remaining 50% will be held by Al-Sharif Contracting & Commercial Development Co. Ltd. The board of the JVCo will comprise an equal number of nominees from both partners. Post incorporation, the JVCo will be classified as an associate of Bajel Projects.
Each partner will initially invest up to SAR 1 million (approximately $270,000) in cash towards equity capital. The proposed entity is yet to be incorporated, with formation expected within three to six months from the signing of the agreement. The name of the JVCo is currently under discussion.
The company clarified that the investment does not fall under the purview of related party transactions. Apart from the proposed equity participation in the JVCo, the promoters and promoter group have no interest in the entity.
The joint venture aims to capture emerging EPC opportunities in Saudi Arabia. This association will bolster the company’s engineering capabilities, project management expertise and superior execution strength in the EPC segment. The partnership will further enhance the company’s international presence in the EPC business ecosystem and support its strategic growth objectives, while enabling it to capture emerging business opportunities in the region of KSA. This is in line with the main business of the company.
Rajesh Ganesh, MD & CEO, Bajel Projects, said, 'The signing of this joint venture agreement with Al Sharif Contracting and Commercial Development Company is a defining moment for Bajel Projects as we strategically expand our presence outside India. Saudi Arabia is currently witnessing an unprecedented infrastructure surge. This partnership enables us to bid for complex, extra-high-voltage inter-regional corridors and substations that are vital to Saudi Vision 2030 and beyond. BAJEL is excited and looking forward to contributing to the grand vision of the Kingdom ”.
Al Sharif Contracting CEO, Engineer Hussain N. Gardezi, said, “We are happy to conclude the agreement. The resources of two big players will be pooled together for development of infrastructure of Kingdom of Saudi Arabia. This is the need of the hour in line with vision 2030 and beyond of Kingdom of Saudi Arabia. Kingdom of Saudi Arabia plans to build one of the most sustainable transmission networks to connect abundance renewable energy to the load centres.'
Bajel Projects reported a consolidated net loss of Rs 0.42 crore in Q3 FY26, compared with a net profit of Rs 1.46 crore posted in Q3 FY25. Revenue from operations declined 9.64% year-on-year to Rs 562.34 crore in the quarter ended 31 December 2025.
Bajel Projects announced the signing of a landmark Joint Venture (JV) agreement with Al Sharif Contracting and Commercial Development Company (ASC). ASC is a part of Al Sharif Group Holdings and one of the leading EPC contractors & manufacturers. This partnership marks a significant milestone in Bajel's international expansion strategy, positioning the company to participate in the significant infrastructure transformation currently underway in the Kingdom of Saudi Arabia.
The Joint Venture is built on a foundation of equal partnership, between Bajel Projects and Al Sharif Contracting and Commercial Development Company. The JV will be established specifically to undertake Engineering, Procurement, and Construction (EPC) business within Saudi Arabia, focusing on:
Commenting on the Joint Venture agreement, Rajesh Ganesh, MD & CEO, Bajel Projects, said: 'The signing of this Joint Venture agreement with Al Sharif Contracting and Commercial Development Company is a defining moment for Bajel Projects as we strategically expand our presence outside India. Saudi Arabia is currently witnessing an unprecedented infrastructure surge. This partnership enables us to bid for complex, extra high-voltage inter-regional corridors and substations that are vital to Saudi Vision 2030 and beyond. BAJEL is excited and looking forward to contributing to the grand vision of the Kingdom”.
The order involves construction of the 765 kV Vindhyachal Pool–Prayagraj double-circuit transmission line (Part-II) under the Inter-regional (NR-WR) Transmission System Strengthening project. The high-capacity corridor is aimed at easing congestion on the existing 765 kV Vindhyachal–Varanasi line and improving power flow between the Northern and Western grids.
Rajesh Ganesh, MD & CEO, Bajel Projects, said, “Securing this Rs 400 crore+ Ultra Mega order is a definitive validation of our 'Quality of Earnings' strategy and our approach of winning the right, technically demanding contracts. The 765 kV Vindhyachal-Prayagraj line is a critical piece of the national grid puzzle, and our role in strengthening the NR-WR corridor speaks to our leadership in the high-voltage EPC domain.”
This order further strengthens Bajel’s robust order book and follows the successful commissioning of over 2,000 ckms of transmission lines during 2024-26.
Bajel Projects (BPL) is a leading company in the business of power infrastructure, with a strong presence in the power transmission and power distribution sectors.
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. Shares of Power Grid Corporation of India fell 1.33% to Rs 288.45 on the BSE.
Consumer durables shares rallied for second consecutive trading session.
At 14:25 ST, the barometer index, the S&P BSE Sensex jumped 461.13 points or 0.55% to 84,041.53. The Nifty 50 index added 168.40 points or 0.66% to 25,861.10.
The broader market outperformed the frontline indices. The S&P BSE 150 MidCap Index climbed 1.50% and the S&P BSE 250 SmallCap Index rose 2.27%.
The market breadth was strong. On the BSE, 3,036 shares rose and 1,208 shares fell. A total of 188 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.52% to 12.12.
India-Malaysia sign key agreements
Prime Minister (PM) Narendra Modi visited Malaysia from 7 February to 8 February 2026 and held bilateral talks with Malaysian PM Anwar Ibrahim. The wide-ranging talks during the two-day official visit, marked a significant step in strengthening the Comprehensive Strategic Partnership between India and Malaysia.
India and Malaysia has signed 11 Memorandums of Understanding (MoUs) and exchanged several bilateral documents across a broad range of sectors during Prime Minister Narendra Modi’s two-day official visit to Kuala Lumpur. The agreements, signed in the presence of PM Modi and his Malaysian counterpart Anwar Ibrahim following delegation-level talks, span trade and investment, semiconductors, digital economy, healthcare, security cooperation and peacekeeping, officials said.
The two leaders launched Malaysia-India Digital Council (MLDC) and backed NPCI–PayNet payment link, paving way to introduce India's Unified Payments Interface (UPI) system in Malaysia. This initiative will simplify cross-border payments for businesses and travellers and strengthen financial ties between the two economies.
Buzzing Index:
The Nifty Consumer Durables index climbed 3.25% to 37,621.10. The Index jumped 4.24% in the two consecutive trading sessions.
Kalyan Jewellers India (up 13.79%), Crompton Greaves Consumer Electricals (up 6.52%), Whirlpool of India (up 5.19%), Amber Enterprises India (up 4.98%) and Voltas (up 4.46%), Bata India (up 3.46%), Blue Star (up 2.9%), Dixon Technologies (India) (up 2.52%), Titan Company (up 2.23%) and V-Guard Industries (up 2.18%) surged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.33% to 6.755 compared with previous session close of 6.733.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.6700 compared with its close of 90.6500 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement advanced 1.35% to Rs 157,543.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.25% to 97.39.
The United States 10-year bond yield rose 0.59% to 4.228.
In the commodities market, Brent crude for April 2026 settlement declined 60 cents or 0.88% to $67.45 a barrel.
Stocks in Spotlight:
Axiscades Technologies hit the upper circuit of 5% after its subsidiary, Mistral Solutions, secured a domestic supply order worth around Rs 80 crore from Hindustan Aeronautics (HAL).
Brahmaputra Infrastructure surged 7% after the company has received a letter of acceptance (LoA) from the North Frontier Railway (NF Railway), Maligaon, Assam, for the construction of a Road Over Bridge (RoB) project.
Bajel Projects rallied 5.49% after the company secured an ultra-mega order from Power Grid Corporation of India (PGCIL) through its special purpose vehicle Vindhyachal Varanasi Transmission.
Bajel Projects announced that it has been awarded an 'Ultra Mega' domestic order valued at over Rs 400 crore. The project involves the development of high-capacity transmission infrastructure critical for the stability and efficiency of India's inter-regional power flow.
The contract, designated as Transmission Line Package TL02, involves the construction of the 765 kV Vindhyachal Pool – Prayagraj D/c line (Part-II). This high-voltage corridor is a vital component of the 'Inter-regional (NR-WR) Transmission System strengthening' initiative. It is specifically engineered to relieve the loading of the existing 765 kV Vindhyachal-Varanasi D/c line, ensuring a more resilient and balanced exchange of power between the Northern and Western Grids.
The contract, designated as 765kV AIS Extn. Substation Package SS 108T, involves the extension of the existing 765/400/220kV Mandsaur Pooling Station (PS). The project falls under the 'Augmentation of Transformation Capacity and Implementation of line bays at Mandsaur for RE interconnection' and is being executed through the Tariff Based Competitive Bidding (TBCB) route. The Company at present is executing the transmission line of 260 route kms from Beawar to Mandsaur Pooling station traversing through Madhya Pradesh and Rajasthan. This win reinforces Bajel's role in high-voltage infrastructure, critical for integrating renewable energy into the national power grid.