 "Crompton Greaves tanks over 20% post Q3 results")
Shares of Crompton Greaves has tanked 24% to Rs 127, also its 52-week low on the National Stock Exchange (NSE), after the company registered consolidated net loss of Rs 107 crore for the quarter ended December 31, 2015 (Q3FY16) against profit of Rs 274 crore in the same quarter last fiscal.
During the quarter, the company recorded Rs 410 loss on account of provision made against loan given to subsidiaries including loss on sale of Canadian operation. It made profit of Rs 426 crore on sale of land at Kanjurmarg, Mumbai against Rs 278 crore in previous year quarter, Crompton Greaves said in a statement.
Net sales of the company during the quarter under review too declined by 14% to Rs 2,068 crore from Rs 2,409 crore in the corresponding quarter of previous year.
In a separate filing, the Avantha group company said that K N Neelkant will take over as the CEO and Managing Director of the company with effect from February 3 as Laurent Demortier will step down from the post.
The company further said that Madhav Acharya will join as member of its board as Executive Director Finance in addition to being CFO of the company, from April 1, 2016.
At 09:44 AM, the stock was down 22% at Rs 131 on the NSE as compared to 0.71% decline in Nifty 50. A combined 19.96 million shares representing 3% stake of the company changed hands on the NSE and BSE.
During the quarter, the company recorded Rs 410 loss on account of provision made against loan given to subsidiaries including loss on sale of Canadian operation. It made profit of Rs 426 crore on sale of land at Kanjurmarg, Mumbai against Rs 278 crore in previous year quarter, Crompton Greaves said in a statement.
Net sales of the company during the quarter under review too declined by 14% to Rs 2,068 crore from Rs 2,409 crore in the corresponding quarter of previous year.
In a separate filing, the Avantha group company said that K N Neelkant will take over as the CEO and Managing Director of the company with effect from February 3 as Laurent Demortier will step down from the post.
The company further said that Madhav Acharya will join as member of its board as Executive Director Finance in addition to being CFO of the company, from April 1, 2016.
At 09:44 AM, the stock was down 22% at Rs 131 on the NSE as compared to 0.71% decline in Nifty 50. A combined 19.96 million shares representing 3% stake of the company changed hands on the NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%