Crompton Greaves slumps on buzz of stake-sale by promoter group

Crompton Greaves slumped 5.36% to Rs 193.50 at 10:25 IST on BSE accompanied by heavy volumes on BSE and NSE on media reports that Avantha Holding, part of the company's promoter group sold 4.2 crore shares or 6.7% stake in the company.

Meanwhile, the S&P BSE Sensex was down 30.77 points or 0.11% at 28,355.42.

Heavy volumes accompanied Crompton Greaves' slide. On BSE, 66.18 lakh shares exchanged hands against average daily volume of 5.55 lakh shares in the past one quarter. On NSE, a whopping 6.85 crore shares were traded so far in the day.

Media reports suggested that Avantha Holding, part of the company's promoter group sold 4.2 crore shares or 6.7% stake in Crompton Greaves. Avantha Holding held 40.84% stake in the company (as per the shareholding pattern as on 30 September 2014).

On BSE, the stock hit a high of Rs 199.90 and a low of Rs 193.10 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 stock had outperformed the market over the past one month till 26 November 2014, advancing 8.55% compared with the Sensex's 5.72% rise. The scrip had, however, underperformed the market in past one quarter, gaining 3.73% as against Sensex's 7.35% rise.

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

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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