Crompton Greaves rose 0.9% to Rs 185.70 at 12:32 IST on BSE after the company said that the High Court of judicature at Bombay approved the scheme of demerger of the consumer products business unit of the company.
The announcement was made after market hours on Friday, 20 November 2015.
Meanwhile, the S&P BSE Sensex was up 16.73 points or 0.06% at 25,885.22.
On BSE, so far 1.68 lakh shares were traded in the counter as against average daily volume of 1.99 lakh shares in the past one quarter.
The stock hit a high of Rs 189.30 and a low of Rs 184.75 so far during the day. The stock had hit a 52-week high of Rs 206.30 on 26 November 2014. The stock had hit a 52-week low of Rs 152.85 on 8 September 2015.
The stock had outperformed the market over the past one month till 20 November 2015, sliding 0.92% compared with Sensex's 5.27% fall. The scrip had also outperformed the market in past one quarter, gaining 2.56% as against Sensex's 6.3% fall.
The large-cap company has equity capital of Rs 125.35 crore. Face value per share is Rs 2.
Crompton Greaves (CG) said that the High Court of judicature at Bombay has on 20 November 2015, approved the scheme of demerger of the consumer products business unit of CG into CG's wholly owned subsidiary Crompton Greaves Consumer Electricals (CGCEL). This scheme was approved by the shareholders of CG at the court convened meeting held on 13 August 2015. Upon the effective implementation of the scheme, CGCEL will issue and allot one fully paid-up equity shares of Rs 2 each for every one equity share of Rs 2 each to the shareholders of CG as on the record date.
On consolidated basis, Crompton Greaves' net profit fell 25.1% to Rs 52.14 crore on 6.2% decline in net sales to Rs 3216.13 crore in Q2 September 2015 over Q2 September 2014.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. The company provides electrical products, systems and services for utilities, power generation, industries, and consumers.
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