CG Power gains after strategic alliance with Tenaga Switchgear

CG Power and Industrial Solutions rose 1.43% to Rs 60.30 at 14:13 IST on BSE after the company said it entered into a strategic alliance agreement with TENAGA Switchgear Sdn. Bhd., Malaysia.

The announcement was made after market hours on 17 August 2018.

Meanwhile, the S&P BSE Sensex was up 389.55 points, or 1.03% to 38,337.43.

On the BSE, 4.68 lakh shares were traded in the counter so far compared with average daily volumes of 10.96 lakh shares in the past two weeks. The stock had hit a high of Rs 61.40 and a low of Rs 60 so far during the day. The stock hit a 52-week high of Rs 99 on 12 January 2018. The stock hit a 52-week low of Rs 46.75 on 27 June 2018.

CG Power and Industrial Solutions (CG) entered into a strategic alliance agreement with TENAGA Switchgear Sdn. Bhd., Malaysia (TSG) to leverage each company's unique strengths and assets to expand market reach and enhance customer base in Southeast Asia-Pacific (SEAP), particularly Malaysia. The alliance further cements the existing strong bond between CG and TSG where CG is already a key partner to Tenaga Switchgear on power transformers and circuit breakers. The agreement between the companies includes product development and promotion of 11 kV Gas Insulated Switchgear (GIS) in Malaysia to address the rapidly growing demand in this region. As per the agreement, both the companies will collaborate in the Malaysian market.

On a consolidated basis, CG Power & Industrial Solutions reported net loss of Rs 85.57 crore in Q1 June 2018 as against net loss of Rs 85.98 crore in Q1 June 2017. Net sales rose 11.29% to Rs 1490.14 crore in Q1 June 2018 over Q1 June 2017.

CG Power and Industrial Solutions (formerly Crompton Greaves) is a global pioneering leader in the management and application of electrical energy. CG provides end-to-end solutions that meet all electrical needs of its customers. CG's offerings include electrical products, systems and services for utilities, power generation and industries.

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