Crompton Greaves shed 0.52% to Rs 212.35 at 11:24 IST on BSE, with the stock reversing direction after hitting 52-week high in highly volatile trade.
Meanwhile, the BSE Sensex was up 77.90 points, or 0.3%, to 25,661.59
On BSE, so far 3.85 lakh shares were traded in the counter, compared with an average volume of 5.66 lakh shares in the past one quarter.
The stock saw high intraday volatility. The stock rose as much as 2.71% to hit a 52-week high of Rs 219.25 in intraday trade today, 11 June 2014. The stock fell as much as 1.14% at the day's low of Rs 211 so far during the day. The stock hit a 52-week low of Rs 71.70 on 25 June 2013.
The stock had outperformed the market over the past one month till 10 June 2014, surging 22.5% compared with the Sensex's 11.26% rise. The scrip had also outperformed the market in past one quarter, jumping 39.88% as against Sensex's 16.64% rise.
The large-cap company has an equity capital of Rs 125.82 crore. Face value per share is Rs 2.
Crompton Greaves after market hours on Tuesday, 10 June 2014 said that the company's Automation Business Unit has been awarded a significant contract for supply of 750,000 smart meters from the Spanish utility Gas Natural Fenosa (GNF) and will be one of its main smart meter suppliers for the next two years. ZIV single phase smart meters will cover a large part of the demand for domestic meters from GNF. Crompton Greaves Automation will also be supplying nearly 20,000 three-phase meters and is now participating in a significant tender for DCUs (Data Concentrator Units). ZIV's 4CTT model is nowadays the reference DCU in the market after becoming the first model certified by the PRIME alliance last year and having proven a robust performance onsite.
Crompton Greaves, after acquiring ZIV, is the key provider of smart meters and an important player in the global smart grid market where it offers ZIV meters, data concentrator units (DCU) and distribution automation solutions (DAS). After significant wins in Latin America and Europe CG is strongly pursuing a growth in the market by positioning ZIVs smart grid solutions in several pilots worldwide. ZIV smart grid solutions have already gone beyond AMI. CG has broadened the coverage of its smart grid portfolio with an ambitious catalogue of Distribution Automation Solutions that range from LV supervision to MV automation, including Overhead MV Line Automation, Compact Secondary Substations and Micro-grid Management.
New distribution automation solutions, combined with the variety of communication technologies available nowadays will help grid operators to improve their operational processes, while suppliers, energy service companies and customers will also benefit from the availability of data and the possibility to manage aggregated load profiles, Crompton Greaves said.
Speaking about this contract GNF's representatives have commented that ZIV meters have proven to be robust and competitive over the past years. ZIV has played a key role in the development of smart metering technology. Such knowledge together with a clear customer service and satisfaction policy has helped GNF to meet its objectives in the past. We trust ZIV will continue to support us during the ambitious deployment we will be pursuing in the coming years.
Speaking about this win, Avantha Group Company CG's CEO and Managing Director, Laurent Demortier said: As a global AMI provider, this win is very significant; we sincerely thank GNF. We are proud to be the main PRIME meter provider. In the coming years, legislative and regulatory incentives will be the key to promote Smart Grid Investments. CG will benefit from the smart grid market driving forces and foresees a very promising growing opportunity for the Automation BU.
On a consolidated basis, Crompton Greaves' net profit jumped 152.6% to Rs 63.82 crore on 11.2% rise in net sales to Rs 3766.48 crore in Q4 March 2014 over Q4 March 2013.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. It provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into three business groups: power, industrial and consumer.
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