 "Crompton Greaves gains on board nod to demerge consumer products business")
Shares of Crompton Greaves were trading higher by 2% at Rs 183 on NSE after the company said its board approved the proposed demerger of its consumer products business.
“The board decided to implement a 100% demerger of the consumer products business, such that the shareholding pattern of the resulting consumer company shall be same as the shareholding pattern of Crompton Greaves,” the company said in a statement.
The company in July last year proposed a demerger of the consumer products business unit, a move that found favour among investors.
Analyst at Angel Broking maintains Buy rating on the stock with target price of Rs 220.
The stock opened at Rs 187 and touched a high of Rs 189 on NSE. A combined 2.74 million shares changed hands on the counter till 1011 hours on NSE and BSE.
“The board decided to implement a 100% demerger of the consumer products business, such that the shareholding pattern of the resulting consumer company shall be same as the shareholding pattern of Crompton Greaves,” the company said in a statement.
The company in July last year proposed a demerger of the consumer products business unit, a move that found favour among investors.
Analyst at Angel Broking maintains Buy rating on the stock with target price of Rs 220.
The stock opened at Rs 187 and touched a high of Rs 189 on NSE. A combined 2.74 million shares changed hands on the counter till 1011 hours on NSE and BSE.