The announcement was made during trading hours today, 28 June 2013.
Meanwhile, the S&P BSE Sensex was up 438.77 points or 2.32% at 19,314.72.
The stock surged on high volumes. On BSE, 15.62 lakh shares were traded in the counter as against average daily volume of 3.46 lakh shares in the past one quarter.
The stock hit a high of Rs 89.35 and a low of Rs 81.25 so far during the day. The stock had hit a 52-week high of Rs 141.70 on 8 October 2012. The stock had hit a 52-week low of Rs 71.70 on 25 June 2013.
The stock had underperformed the market over the past one month till 27 June 2013, sliding 14.78% as compared to the Sensex's 5.77% fall. The stock had also underperformed the market in the past one quarter, declining 12.93% as compared to the Sensex's 0.92% rise.
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The mid-cap company has equity capital of Rs 128.30 crore. Face value per share is Rs 2.
Crompton Greaves has announced share buyback from the open market through the stock exchanges at a price not exceeding Rs 125 per share. The company has set aside Rs 265.70 crore for share buyback, being 10% of the total paid-up equity capital plus free reserves as per the audited balance sheet of the company for the year ended 31 March 2012 (FY 2012).
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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