Crompton Greaves shares surge over 7% on bargain hunting

Shares of Crompton Greaves settled for the day with gains of over 7 per cent as bargain hunting emerged on the counter after the stock fell over 15 per cent in the previous seven trading sessions.
At BSE, the stock was quoted at Rs 166.40, up 7.18 per cent at the end of trading session. The stock opened on a weak note touching a 52-week low of Rs 152.85. Later, it gathered momentum to touch a high of Rs 168.20 as value buying emerged on the counter.
On NSE, the stock was quoted at Rs 167.40, up 7.62 per cent at the end of today's session. The stock opened at Rs 155 and touched an intra-day low of Rs 152.85. But soon recovered to a high of Rs 167.75.

Market analysts said the uptrend in the stock was largely due to bargain hunting as the stock had slumped more than 15 per cent in the previous seven trading sessions. The stock was quoted at Rs 180.70 on August 27.
Moreover, the broader market also ended with significant gains, which helped in investor confidence.
Meanwhile, the company has bagged a three-year contract from the French distribution network operator Electricite Reseau Distribution France (ERDF) to provide maintenance and repair services to 4,500 high power transformers.
The 30-share benchmark index Sensex today surged 424.06 points to close at 25,317.87, while the Nifty climbed 129.45 points to 7,688.25.