Crompton Greaves surged 4.14% to Rs 203.75 at 11:05 IST on BSE after Avantha Power & Infrastructure signed a Memorandum of Understanding with Adani Power for sale of power plant.
The announcement was made during market hours today, 24 November 2014.
Meanwhile, the S&P BSE Sensex was up 107.01 points or 0.38% at 28,441.64
On BSE, so far 5.09 lakh shares were traded in the counter as against average daily volume of 5.25 lakh shares in the past one quarter.
The stock hit a high of Rs 204.90 and a low of Rs 196.90 so far during the day. The stock had hit a 52-week high of Rs 231 on 10 September 2014. The stock had hit a 52-week low of Rs 101.65 on 29 January 2014.
The stock had underperformed the market over the past one month till 21 November 2014, rising 4.6% compared with the Sensex's 6.62% rise. The scrip also underperformed the market in past one quarter, falling 3.24% as against Sensex's 7.49% rise.
The large-cap firm has an equity capital of Rs 125.35 crore. Face value per share is Rs 2.
Crompton Greaves (CG) during market hours today, 24 November 2014, said that Avantha Power & Infrastructure (APIL) in which CG holds an equity investment of about 23.14% has informed that it has signed a Memorandum of Understanding with Adani Power for 100% sale of APIL's Korba West Power Company (KWPCL). KWPCL, a special purpose vehicle (SPV) of APIL, is commissioning a coal based thermal power plant of 600 megawatt (MW). KWPCL is valued in excess of Rs 4200 crore, the company said.
Shares of Adani Power rose 1.65% to Rs 46.10.
Separately, Crompton Greaves said that one of the entities of the promoter group of the company (Avantha Holdings) is likely to sell a portion of its shareholding in the resultant company viz. Crompton Greaves Consumer Products, subject to agreement of terms and conditions and execution of a definitive agreement. The above is based on a communication to this effect received from Avantha Holdings. CG had already informed of a proposal to demerge the Consumer Products undertaking into Crompton Greaves Consumer Products on 16 October, 2014, after the decision of its company's Board of Directors.
Crompton Greaves' consolidated net profit rose 19.1% to Rs 69.59 crore on 6.2% rise in total income to Rs 3475.79 crore in Q2 September 2014 over Q2 September 2013.
CG is an engineering conglomerate with diverse portfolio of products, solutions and services ranging from high-end power and industrial equipments and solutions, to consumer products and home appliances, addressing myriad needs. Enjoying a reputation of stature for over seven decades, CG, which originates in India, has transformed itself into a global corporation. It has manufacturing facilities in nine countries across Asia, Europe and North America.
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