Shares of Bajaj Electricals zoomed 11% to reach an intraday high of ₹468.00 apiece after the company announced its entry into wires as a new business line.

As per an exchange filing, the company is planning to launch its products shortly and assess the market to ascertain the investment required based on several factors including the scale of business, operational requirements and other prevailing external factors.

The Bajaj Group company known for its wide range of electrical products, is entering the wires category as part of a broader diversification strategy. It aims to capitalize on the rising demand for wires and related products.

At 02:00 PM, Bajaj Electricals’ shares were trading at ₹432.20 apiece, up 2.3%.

Let’s take a look at its Factor Analysis:

Bajaj Electricals Ltd.BAJAJELEC₹434.80 +2.96%