Crompton Greaves jumps after turnaround Q3 earnings

Crompton Greaves rose 3.03% to Rs 105.45 at 9:32 IST on BSE after the company reported consolidated net profit of Rs 62.02 crore in Q3 December 2013 as compared to net loss of Rs 189.36 crore in Q3 December 2012.

The result was announced after market hours on Wednesday, 29 January 2014.

Meanwhile, the BSE Sensex was down 181.80 points, or 0.88%, to 20,465.50.

On BSE, so far 1.37 lakh shares were traded in the counter, compared with an average volume of 2.77 lakh shares in the past one quarter.

The stock hit a high of Rs 108 and a low of Rs 103 so far during the day. The stock hit a 52-week high of Rs 136.80 on 26 December 2013. The stock 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 29 January 2014, falling 21% compared with the Sensex's 2.58% fall. The scrip had, however, outperformed the market in past one quarter, rising 4.44% as against Sensex's 1.35% fall.

The mid-cap company has an equity capital of Rs 125.82 crore. Face value per share is Rs 2.

On a consolidated basis, Crompton Greaves' total income rose 12.99% to Rs 3392.35 crore in Q3 December 2013 over Q3 December 2012.

Meanwhile, the company said its board has approved a scheme of amalgamation of CG-ZIV Power Automation Solutions and CG Energy Management (wholly-owned subsidiaries) with Crompton Greaves. The amalgamation will be effective from 1 April 2014 (appointed date), subject to receipt of all regulatory approvals.

Crompton Greaves is a global pioneering leader in the management and application of electrical energy. It provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into three business groups: power, industrial and consumer.

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