CG Power and Industrial Solutions rose 2.88% to Rs 91 at 14:02 IST on BSE after the company said it won $55 million order from Indonesian state utility for manufacturing and supplying 64 units of power transformers.
The announcement was made during trading hours today, 12 February 2018.Meanwhile, the S&P BSE Sensex was up 217.09 points, or 0.64% to 34,222.85.
On the BSE, 2.41 lakh shares were traded in the counter so far compared with average daily volumes of 5.41 lakh shares in the past one quarter. The stock had hit a high of Rs 92 and a low of Rs 87.95 so far during the day. The stock hit a record high of Rs 99 on 12 January 2018. The stock hit a 52-week low of Rs 64.10 on 16 February 2017.
The stock had underperformed the market over the past 30 days till 9 February 2018, falling 8.81% compared with 1.44% fall in the Sensex. The scrip had outperformed the market in past one quarter, rising 6.18% as against Sensex's 2.07% rise. The scrip had also outperformed the market in past one year, rising 24.23% as against Sensex's 20.02% rise.
The mid-cap company has equity capital of Rs 125.35 crore. Face value per share is Rs 2.
CG Power Systems Indonesia, a wholly owned subsidiary of CG Power & Industrial Solutions (CG), has bagged an order from Indonesian state utility PT PLN (Persero) for manufacturing and supply of 64 units of power transformers valued at IDR 744 billion ($55 million).
This project is the first of its kind to be funded by Islamic Development Bank to support PLN's ambitious goal to enhance its transmission grid performance. The project will be completed by December 2018 and is going to play a critical role in its ongoing 35GW fast track program. CG Power will complete the supplies against the order by December 2018.
The order was secured through an open book process participated by six established bidders, including four multinational companies, where CG got the highest award of 37% of the total value.
The scope of work includes site survey, design, manufacturing, supply and installation of 64 units (4400 MVA) of power transformers in PLN regions spread from Aceh to Papua over Sumatra, Java, Kalimantan, Sulawesi, Papua and Malukku Islands of Indonesia.
On a consolidated basis, CG Power & Industrial Solutions reported net loss of Rs 469.87 crore in Q2 September 2017 as against net loss of Rs 11.09 crore in Q2 September 2016. Net sales rose 18.40% to Rs 1557.61 crore in Q2 September 2017 overe Q2 September 2016.
CG Power and Industrial Solutions (formerly Crompton Greaves) provides end-to-end solutions that meet all electrical needs of its customers. CG's offerings include electrical products, systems and services for utilities, power generation and industries.
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