CG Power spurts on kicking off new facilty in Maharashtra

CG Power and Industrial Solutions hit an upper circuit of 5% at Rs 43.20 after the company on 21 December 2020 inaugurated a new motor manufacturing facility at Ahmednagar in Maharashtra.

This is the seventh manufacturing facility of the company in Ahmednagar which is spread over 4200 square meters and is equipped with latest equipment and machineries. The new facility will manufacture smart electric motors from 75 kW to 1000 kW. It will cater to domestic and global market and will help CG to gain greater market share for higher range of LV motors, the company said after market hours yesterday, 23 December 2020.

On a consolidated basis, CG Power and Industrial Solutions reported a net profit of Rs 109.37 crore in Q2 September 2020 as compared to a net loss of Rs 1,595.21 crore in Q2 September 2019. Net sales tumbled 56.9% to Rs 663.89 crore in Q2 September 2020 over Q2 September 2019.

CG Power and Industrial Solutions is a global pioneering leader in the management and application of electrical energy. Its offerings include electrical products, systems and services for utilities, power generation and industries.

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