Crompton Greaves is trading higher by 3% at Rs 119 after the company said it has acquired lighting division of Himachal Pradesh-based Karma Industries for an undisclosed amount.
“Crompton Greaves has entered into a definitive agreement with Himachal Pradesh-based Karma Industries to buy the latter’s compact fluorescent lamp (CFL) manufacturing business,” Avantha Group company said in a press release.
The operations, located in Baddi, Himachal Pradesh, are dedicated to manufacturing CFL products. This acquisition will double Crompton Greaves’s capacity in the fast-growing CFL segment, will be integrated with the consumer business unit, it added.
The stock opened at Rs 117 and hit a high of Rs 120 on the NSE. Total 1.69 million shares have changed hands on the counter so far on both the exchanges.
