CESC charges up on golden handshake

Dalal Street Spikes

CESC hit the upper 10 per cent circuit today at Rs 115.40, a new 52-week high, on the company's plans to announce a voluntary retirement scheme.

The scrip opened at Rs 105.10 while the volumes on the BSE were of the order of 3.13 lakh shares and 8.70 lakh shares on the NSE. Dealers said that buyers outstripped sellers on the counter.

While the company is restructuring, the power sector has also been on reform path and both these in conjunction have served to bring the stock in focus.

The VRS will be applicable to all those employees who have completed 10 years of service or have attained the age of 40 years as on January 1, 2004. The reduction in manpower is expected to reduce costs and improve efficiencies and productivity.