Crompton Greaves gains on commencement of share buyback program

Meanwhile, the S&P BSE Sensex was down 193.92 points or 0.97% at 19,840.56.

On BSE, 3.95 lakh shares were traded in the counter as against average daily volume of 4.21 lakh shares in the past one quarter.

The stock hit a high of Rs 92.95 and a low of Rs 90 so far during the day. The stock had hit a 52-week high of Rs 141.70 on 8 October 2012. The stock had hit a 52-week low of Rs 71.70 on 25 June 2013.

The stock had underperformed the market over the past one month till 15 July 2013, rising 4.28% compared with the Sensex's 4.47% gain. The scrip had also underperformed the market in past one quarter, rising 0.57% as against Sensex's 9.13% rally.

The mid-cap company has equity capital of Rs 128.30 crore. Face value per share is Rs 2.

Crompton Greaves after trading hours on Monday, 15 July 2013, said that the revised date of commencement of the proposed share buyback program by way of open market purchases is 16 July 2013. Earlier, the company had announced postponement of the date of commencement for the proposed share buyback of program which was initially set as 15 July 2013 since the stock market regulator Securities & Exchange Board of India (Sebi) had advised the company to fulfill certain additional requirements emanating from Sebi's revised guidelines on share buyback announced on 25 June 2013.

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 viz. power, industrial, automation and consumer.

Powered by Capital Market - Live News