CESC lost 0.16% to Rs 654.05 at 11:30 IST on BSE, with the stock sliding amid volatility after reports suggested that a foreign brokerage has maintained its buy rating on the stock.
Meanwhile, the S&P BSE Sensex was down 2.68 points or 0.01% at 28,374.91.
On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 22,672 shares in the past one quarter. The stock was volatile. The stock lost as much as 0.41% at the day's low of Rs 652.40 so far during the day. The stock rose as much as 2.87% at the day's high of Rs 673.95 so far during the day. The stock had hit a 52-week high of Rs 683.45 on 1 September 2016. The stock had hit a 52-week low of Rs 404.75 on 12 February 2016. The stock had outperformed the market over the past one month till 14 September 2016, advancing 2.49% compared with 0.78% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 18.45% as against Sensex's 7.49% rise.
The mid-cap company has equity capital of Rs 132.56 crore. Face value per share is Rs 10.
The foreign brokerage has reportedly said that CESC is a play on power reforms. Chandrapur plant load factor (PLF) improvement is a key positive for the company, the brokerage added.
CESC's net profit rose 0.6% to Rs 174 crore on 11.8% growth in net sales to Rs 1888 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours yesterday, 14 September 2016. The stock had risen 2.66% to settle at Rs 655.10 on that day.
CESC is a power utility company engaged in the generation and distribution of electricity.
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