Crompton surges near three-year high on hopes of a turnaround

Reuters Market Eye - Shares in Crompton Greaves rise as much as 4.6 percent to their highest level since July 2011, adding to Wednesday's 9.3 percent gain, on hopes the power equipment maker will report a turnaround in earnings during the January-March quarter.

A potential recovery in its overseas business coupled with strong export orders is seen aiding the company, dealers add.

StarMine's SmartEstimates, which places greater emphasis on forecasts by top-rated analysts, expects Crompton to report a profit of 1 billion rupees for the quarter, compared with a consensus mean estimate of 915 million rupees.

Crompton had posted a consolidated loss of 369 million rupees for FY13, BSE data shows.

 

(Reporting by Abhishek Vishnoi)