Crompton Greaves rose 1.42% to Rs 181.70 at 09:30 IST on BSE after the company's board of directors reconsidered and approved the contours of the proposed demerger and decided to implement a 100% demerger of the consumer products business.
The announcement was made after market hours yesterday, 19 February 2015.
Meanwhile, the BSE Sensex was down 147.13 points, or 0.5%, to 29,315.14
On BSE, so far 4.06 lakh shares were traded in the counter, compared with an average volume of 7.89 lakh shares in the past one quarter.
The stock hit a high of Rs 189 and a low of Rs 181.50 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 118.65 on 20 February 2014.
The large-cap company has an equity capital of Rs 125.35 crore. Face value per share is Rs 2.
Crompton Greaves (CG) said that the board of directors of the company at its meeting held yesterday, 19 February 2015, reconsidered and approved the contours of the proposed demerger and decided to implement a 100% demerger of the consumer products business, such that the shareholding pattern of the resulting consumer company shall mirror the shareholding pattern of CG. The company said that board evaluated the salient aspects of the proposed demerger of the consumer products business of the company based on comments received from the Securities & Exchange Board of India, the stock exchanges and investors' feedback. A scheme of arrangement incorporating these principles will soon be considered by the company's board, CG said.
On a consolidated basis, Crompton Greaves reported 342.3% surge in net profit to Rs 274.29 crore on 5.7% rise in total income to Rs 3625.21 crore in Q3 December 2014 over Q3 December 2013.
Crompton Greaves is an engineering conglomerate with an impressive and 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.
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