Crompton Greaves declined 3.03% to Rs 196.70 at 15:00 IST on BSE that it will be opening a new facility in Grenoble to produce, test and calibrate over 2 million ZIV smart meters per year.
The announcement was made during market hours today, 19 November 2014.
Meanwhile, the S&P BSE Sensex was down 172.80 points or 0.61% at 27,990.49.
On BSE, so far 5.32 lakh shares were traded in the counter as against average daily volume of 5.21 lakh shares in the past one quarter.
The stock hit a high of Rs 206.55 and a low of Rs 196.60 so far during the day. The stock had hit a 52-week high of Rs 231 on 10 September 2014. The stock had hit a 52-week low of Rs 101.65 on 29 January 2014.
The stock had underperformed the market over the past one month till 18 November 2014, rising 6.23% compared with the Sensex's 7.87% rise. The scrip had also underperformed the market in past one quarter, falling 0.27% as against Sensex's 6.72% rise.
The large-cap firm has an equity capital of Rs 125.35 crore. Face value per share is Rs 2.
CG has chosen Grenoble to open this new facility, so as to cover the demand for Linky meters in France, and thereby provide local support to ERDF. The company recently won an order from ERDF to participate in the supply of three million Linky smart meters, in the first phase of its 35 million unit rollout plan for 2021. The facility will house the Centre of Excellence for G3-PLC technology, be fully equipped to manufacture ZIV single and three phase Linky G1 and G3 meters, and will be ready to produce the first units by the second quarter of 2015, the company said in a statement. CG will also contribute to the creation of sustainable local employment, as this centre will make available, around 200 direct and indirect jobs in the area, once full production capacity is reached.
Crompton Greaves' consolidated net profit rose 18.1% to Rs 68.23 crore on 6.2% rise In total income to Rs 3475.79 crore in Q2 September 2014 over Q2 September 2013.
CG is a 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. Enjoying a reputation of stature for over seven decades, CG, which originates in India, has transformed itself into a global corporation. It has manufacturing facilities in nine countries across Asia, Europe and North America.
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