Meanwhile, the S&P BSE Sensex was up 41.69 points or 0.22% at 18,670.84.
On BSE, 5.97 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past one quarter.
The stock hit a high of Rs 83.10 and a low of Rs 76.40 so far during the day. The stock had hit a 52-week low of Rs 71.70 on Tuesday, 25 June 2013. The stock had hit a 52-week high of Rs 141.70 on 8 October 2012.
The stock had underperformed the market over the past one month till 25 June 2013, sliding 15.1% compared with the Sensex's 5.46% fall. The scrip had also underperformed the market in past one quarter, declining 10.75% as against Sensex's 0.28% fall.
The mid-cap company has equity capital of Rs 128.30 crore. Face value per share is Rs 2.
Shares of Crompton Greaves had jumped 10.02% to settle at Rs 81.80 on Tuesday, 25 June 2013, after the company during market hours on Tuesday said its board will meet on Friday, 28 June 2013, to consider share buyback proposal.
Meanwhile, market regulator Securities & Exchange Board of India (Sebi) on Tuesday approved changes to buyback of shares or other specified securities from the open market through stock exchange mechanism as part of its constant endeavour to align regulatory requirements with the changing market realities as well as to enhance efficiency of the buy-back process.
Sebi said after a board meeting that the mandatory minimum buy-back has been increased to 50% of the amount earmarked for the buy-back, as against existing 25%, failing which amount in the escrow account would be forfeited subject to a maximum of 2.5% of the total amount earmarked. The maximum buy-back period has been reduced to 6 months from 12 months, it added.
Sebi's new rules will require companies to not raise further capital for a period of one year from the closure of the buy-back except in discharge of subsisting obligations as against the existing 6 months. The company shall not make another buy-back offer within a period of one year from the date of closure of the preceding offer. The companies can buy-back 15% or more of capital (paid-up capital and free reserves) only by way of tender offer, it added.
Crompton Greaves' consolidated net profit declined 74.8% to Rs 25.27 crore on 10.1% growth in net sales to Rs 3387.30 crore in Q4 March 2013 over Q4 March 2012.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. Across its operations in around 85 countries, the company provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into four business groups: power, industrial, automation and consumer.
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