Crompton Greaves shares recover, gain 7% on value-buying

Shares of engineering major Crompton Greaves bounced back, surging nearly 7 per cent, a day after it witnessed a massive fall amid the demerger of the firm's consumer products business.
The stock ended the day with a gain of 6.61 per cent at Rs 46.80 on BSE. During the day, it surged 11.16 per cent to Rs 48.80.
At NSE, shares of the company jumped 6.47 per cent to close at Rs 46.85.
"Shares of Crompton Greaves remained in action, a day after the stock fell by over 70 per cent owing to the demerger of the company's consumer segment from itself. Crompton Greaves climbed almost 11 per cent on the back of value buying in the stock," said Achin Goel, Head: Wealth Management & Financial Planning, Bonanza Portfolio Ltd.

On the volume front, 96.38 lakh shares of the company changed hands at BSE and over 5 crore shares were traded at NSE during the day.
Shares of Crompton Greaves yesterday plunged over 18 per cent amid the demerger of the firm's consumer products business.
Crompton Greaves last month informed BSE that its Board at its meeting held on February 25, 2016, fixed March 16 as the record date for the purpose of reckoning names of the equity shareholders of the company entitled to receive shares of Crompton Greaves Consumer Electrical Limited - the resulting company, pursuant to the scheme of demerger.