Kirloskar Electric hits the roof on sale of non-core asset

Kirloskar Electric Company was locked in 20% upper circuit at Rs 20.55 at 10:35 IST on BSE after the company entered into an agreement with Brigade Enterprises for sale of non-core asset of the company situated at Bangalore.

The announcement was made on Saturday, 5 January 2019.

Meanwhile, the S&P BSE Sensex was up 330.73 points or 0.93% at 36,025.83

On BSE, so far 3.27 lakh shares were traded in the counter as against average daily volume of 7,088 shares in the past two weeks. The stock hit a high of Rs 20.55 and a low of Rs 18.25 so far during the day.

Kirloskar Electric Company has entered into an agreement with Brigade Enterprises for sale of non-core asset of the company situated at Subramanyanagar, Industrial Suburb, Rajajinagar, Bangalore admeasuring 1.065 acres (46,391 sq.ft.). The overall consideration for the proposed sale would be Rs 55 crore. The expected date of completion of sale/disposal is on or before 31 March 2019 subject to receipt of relevant approvals.

Kirloskar Electric Company reported net loss of Rs 23.20 crore in Q2 September 2018 as compared to net loss of Rs 23.17 crore in Q2 September 2017. Net sales declined 14.48% to Rs 71.57 crore in Q2 September 2018 over Q2 September 2017.

Kirloskar Electric Company is the leading manufacturer of electrical and electronic equipments. The company produces more than 70 products under 8 different product groups, catering to core sectors of the economy like power generation, transmission and distribution, transportation, and renewable energy, sugar, steel, cement, and allied industries.

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