New order boosts Crompton Greaves

Crompton Greaves rose 2.23% to Rs 201.85 at 10:40 IST on BSE after the company along with the other consortium partners has received order in excess of 150 million euros, for the offshore wind project Gemini in the Netherlands.

The announcement was made after market hours on Wednesday, 25 June 2014.

Meanwhile, the S&P BSE Sensex was down 131.44 points or 0.52% at 25,182.30.

On BSE, so far 2.72 lakh shares were traded in the counter as against average daily volume of 5.41 lakh shares in the past two weeks.

The stock hit a high of Rs 203.75 and a low of Rs 199.65 so far during the day.

Crompton Greaves (CG), along with the other consortium partners Fabricom and Iemants, has received order in excess of 150 million euros, for the offshore wind project Gemini in the Netherlands. As part of the scope CG, will design, deliver and install 2 high voltage offshore substations and 1 HV onshore substation. CG's scope covers approximately 30% of the overall contract.

Laurent Demortier, CEO and Managing Director, Crompton Greaves said, "We are delighted that Van Oord has awarded CG a 'further order'. The transaction is consistent with our renewable energy strategy. It provides yet another opportunity to utilize CG's unique technology & expertise in wind offshore connection (HVAC) and to assist the Government and our clients in reducing carbon emissions and increasing the supply of green energy".

On a consolidated basis, Crompton Greaves' net profit jumped 152.6% to Rs 63.82 crore on 11.2% growth in net sales to Rs 3766.48 crore in Q4 March 2014 over Q4 March 2013.

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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