Crompton Greaves gains as RBI allows investment upto 100% by RFPIs

Crompton Greaves advanced 4% to Rs 185.70 at 09:22 IST on BSE after the RBI advised that Registered Foreign Portfolios Investors can now invest up to 100% of the paid up capital of the company under the Portfolio Investment Scheme.

Meanwhile, the S&P BSE Sensex was up 211.27 points or 0.78% at 27,337.84

On BSE, 1.79 lakh shares exchanged hands against average daily volume of 7.37 lakh shares in the past one quarter.

The stock hit a high of Rs 190 and a low of Rs 184.65 so far in the day. The stock had hit a 52-week low of Rs 101.65 on 29 January 2014. The stock had hit a 52-week high of Rs 231 on 10 September 2014.

The large-cap company has equity capital of Rs 125.35 crore. Face value per share is Rs 2.

The Reserve Bank of India after market hours yesterday, 18 December 2014 advised that Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves under the Portfolio Investment Scheme (PIS).

The RBI stated that Crompton Greaves has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.

Crompton Greaves' consolidated net profit rose 19.1% to Rs 69.59 crore on 5.8% growth in net sales to Rs 3430.32 crore in Q2 September 2014 over Q2 September 2013.

Crompton Greaves is an engineering conglomerate with diverse portfolio of products, solutions and services ranging from high-end power and industrial equipments and solutions, to consumer products and home appliances, addressing myriad needs. It has manufacturing facilities in nine countries across Asia, Europe and North America.

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