Crompton Greaves rose 2% to Rs 193.85 at 9:25 IST on BSE after the company said it signed a pact with French company Arelis for supply of electronics components to aerospace and defence.
The announcement was made after market hours yesterday, 12 January 2015.
Meanwhile, the BSE Sensex was down 10.06 points, or 0.04%, to 27,575.21.
On BSE, so far 72,000 shares were traded in the counter, compared with an average volume of 8.25 lakh shares in the past one quarter.
The stock hit a high of Rs 194.40 and a low of Rs 192.70 so far during the day. The stock hit a 52-week high of Rs 231 on 10 September 2014. The stock hit a 52-week low of Rs 101.65 on 29 January 2014.
The stock had outperformed the market over the past one month till 12 January 2015, rising 10.30% compared with 0.86% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 6.26% as against Sensex's 4.90% rise.
The large-cap company has an equity capital of Rs 125.35 crore. Face value per share is Rs 2.
Crompton Greaves (CG) said it has entered into a memorandum of understanding (MoU) with French enterprise Arelis that specialises in design and manufacturing of high-tech electronics solutions.
On one side the two companies agree to explore manufacturing and supply of hybrid microelectronics for high mix-mid volume market and for high runner microelectronics hybrids markets for aerospace and defence, energies, utilities and telecommunication sectors. With the technology transfer from Arelis on hybrid microelectronics, Crompton Greaves will be able to indigenously manufacture the components and sub-assemblies for Indian and global markets.
On the other side CG and Arelis agree on the manufacturing and supply of electrical, electronics and microelectronics components to key Indian aerospace and defence programmes as well as to global OEMs targetting offset discharge, Crompton Greaves said in a statement.
Crompton Greaves' consolidated net profit rose 19.1% to Rs 69.59 crore on 5.8% growth in net sales to Rs 3430.32 crore in Q2 September 2014 over Q2 September 2013.
Crompton Greaves 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. It has manufacturing facilities in nine countries across Asia, Europe and North America.
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