CG Power and Industrial Solutions hit an upper circuit of 5% at Rs 14.66 after Singularity Holdings acquired 0.56% stake and Blue Diamond Properties bought 6.6% in the company via bulk deals on Monday, 17 August 2020.
On Monday (17 August), Blue Diamond Properties purchased 4.12 crore equity shares (6.60% stake) of CG Power and Industrial Solutions at Rs 13.97 each via bulk deal on the BSE.
On the same day, Singularity Holdings bought 35 lakh equity shares (0.56% stake) of CG Power at Rs 13.95 each through bulk deal on the NSE.
Meanwhile, L&T Finance on 17 August divested 8.4% stake in CG Power for Rs 73 crore, through open market transactions. It sold 4.12 crore shares (6.6% stake) on BSE at Rs 13.97 each and 1.13 crore shares (1.80% stake) on NSE at Rs 13.94 each.
As on 30 June 2020, L&T Finance held 10% stake in CG Power and Industrial Solutions.
On a consolidated basis, CG Power and Industrial Solutions reported net loss of Rs 288.06 crore in Q4 March 2020 compared with net loss of Rs 189.23 crore in Q4 March 2019. Net sales slumped 69% to Rs 616.25 crore in Q4 March 2020 over Q4 March 2019.
CG Power and Industrial Solutions is a global pioneering leader in the management and application of electrical energy. Its offerings include electrical products, systems and services for utilities, power generation and industries.
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