CESC turns volatile after signing MoU with US-based firm

CESC lost 0.11% to Rs 570 at 9:33 IST on BSE, with the stock sliding amid volatility after the company said it has executed a memorandum of understanding with US-based Silver Spring, for exploring business opportunities in India in the space.

The announcement was made after market hours yesterday, 2 December 2015.

Meanwhile, the S&P BSE Sensex was down 59.71 points or 0.23% at 26,058.14.

On BSE, so far 7,204 shares were traded in the counter as against average daily volume of 20,000 shares in the past two weeks.

The stock was volatile. The stock lost as much as 0.69% at the day's low of Rs 566.65 so far during the day. The stock rose as much as 0.96% at the day's high of Rs 576.10 so far during the day. The stock had hit a 52-week high of Rs 751.30 on 14 January 2015. The stock had hit a 52-week low of Rs 452 on 25 August 2015.

CESC said that a memorandum of understanding has been executed with Silver Spring, a US-based company and a market leader in smart grid space across the globe, for exploring business opportunities in India in the space. As part of its ongoing drive for modernizing its transmission and distribution network, as a pilot project the company will work with Silver Spring on smart grid distribution models in parts of South Kolkata under its licensed area, CESC said.

CESC's net profit rose 1.6% to Rs 195 crore on 6.7% growth in net sales to Rs 1757 crore in Q2 September 2015 over Q2 September 2014.

CESC is India's first fully integrated electrical utility company.

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