Crompton Greaves advanced 2.24% to Rs 184.50 at 09:35 IST on BSE after the company secured a contract from the Belgian offshore wind farm operator Northwind to provide operation and maintenance services.
The announcement was made after market hours on Friday, 19 December 2014.
Meanwhile, the S&P BSE Sensex was up 41.90 points or 0.15% at 27,413.74
Meanwhile, a large bulk deal of 71.91 lakh shares was executed on Crompton Greaves scrip at Rs 184 per share in opening trade on BSE today, 22 December 2014. Bulk deal boosted volume on the scrip. On BSE, 73.71 lakh shares exchanged hands against average daily volume of 7.44 lakh shares in the past one quarter.
The stock hit a high of Rs 185.45 and a low of Rs 183 so far in the day. The stock had hit a 52-week low of Rs 101.65 on 29 January 2014. The stock had hit a 52-week high of Rs 231 on 10 September 2014.
The large-cap company has equity capital of Rs 125.35 crore. Face value per share is Rs 2.
Crompton Greaves (CG) was awarded a contract from the Belgian offshore wind farm operator Northwind to provide operation and maintenance services for the 216 megawatt (MW) wind farm offshore substation on the Lodewijk bank, 40 km off the Belgian coast. This order follows a previous contract won by CG at the Northwind offshore wind farm for the grid connection study and supply of a 275 MVA main transformer and two reactors of 65 MVA. Northwind is a key player in the Belgian offshore industry.
CG will provide complete end-to-end services in order to effectively monitor, maintain and repair the offshore substation and ensure optimal availability and safety for ten years. The remote surveillance and monitoring service operated by CG will include power adjustments and will secure the operation of the Northwind installations on a 24x7 basis. In addition, CG will also provide preventive and corrective maintenance through its dedicated offshore specialised service team.
The Reserve Bank of India after market hours on 18 December 2014 advised that Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves under the Portfolio Investment Scheme (PIS).
The RBI stated that Crompton Greaves has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
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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