Crompton Greaves drops after 3-day 17.2% rally

Meanwhile, the S&P BSE Sensex was down 181.09 points or 0.93% at 19,282.73.

On BSE, 23,000 shares were traded in the counter as against average daily volume of 7.19 lakh shares in the past two weeks.

The stock hit a high of Rs 94.70 and a low of Rs 88.10 so far during the day.

Shares of Crompton Greaves had surged 17.28% in three trading sessions to settle at Rs 94 on Tuesday, 2 July 2013, from Rs 80.15 on 27 June 2013 after the company during trading hours on 28 June 2013, said its board at a meeting held on 28 June 2013, approved buyback of equity shares from the open market at a price not exceeding Rs 125 per share. Crompton Greaves said it has set aside Rs 265.70 crore for share buyback, being 10% of the total paid-up equity capital plus free reserves as per the audited balance sheet of the company for the year ended 31 March 2012 (FY 2012).

Crompton Greaves' consolidated net profit declined 74.8% to Rs 25.27 crore on 10.1% growth in net sales to Rs 3387.30 crore in Q4 March 2013 over Q4 March 2012.

Crompton Greaves is a global pioneering leader in the management and application of electrical energy. Across its operations in around 85 countries, the company provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into four business groups: power, industrial, automation and consumer.

Powered by Capital Market - Live News