Crompton Greaves hits 33-month high on report of Hitachi eyeing stake

Since March 14, 2014, the stock has rallied 33% from Rs 142 compared to 3.3% rise in benchmark S&P BSE Sensex.

Crompton Greaves has rallied nearly 6% to Rs 188, its highest level since July 2011 on the BSE, on media reports that Hitachi, the Japanese maker of industrial power equipment and electronic goods, has emerged as the front-runner to buy the promoter's stake in the power transmission and distribution company promoted by Gautam Thapar.

Goldman Sachs has been appointed by the Indian promoters to scout for a buyer, the Economic Times report suggests.

On March 14, 2014, the company said it have not aware on the rumored stake sale by the company promoters.

The company made the clarification on a news item appearing in a financial daily titled "Thapar Puts Avantha Powerhouse Crompton Greaves on the Block."

Since then, the stock has rallied 33% from Rs 142 compared to 3.3% rise in benchmark S&P BSE Sensex.