Page 2 - Cg Power

Gujarat allots 188 acres for Tata group, CG Power semiconductor plants

Ground-breaking likely on Mar 13; incentives form 70% of project cost

CG Power JV to invest Rs 7600 cr in Gujarat semiconductor facility

Facility will be financed through a mix of subsidies, equity and potential bank borrowings

CG Power announces JV in semiconductors manufacturing with 2 foreign firms

JV investments will be completed only after satisfactory completion of the conditions in the agreement, and getting necessary approvals from the relevant government agencies

CG Power and Industrial Solutions Q3 net profit falls 15% to Rs 197 crore

CG Power and Industrial Solutions on Tuesday reported a 15.45 per cent decline in its consolidated net profit to Rs 197 crore in the December quarter, as the company had an exceptional income in the year-ago period . The company's consolidated net profit (from continuing operations) was Rs 233 crore a year ago, according to a regulatory filing. The company said there was an exceptional income of about Rs 31 crore in the quarter ended on December 31, 2022, while there was no such adjustment in the same period of 2023. Total income rose to Rs 2,006.79 crore in the third quarter from Rs 1,787.01 crore a year ago. The company's consolidated results include the performance of the operating subsidiaries in Sweden, Germany and the Netherlands (drives and automation Europe), CG Adhesives Products Ltd. (India) and other non-operating and holding subsidiaries, the filing said. In a meeting held on Tuesday, the company's board approved the payment of an interim dividend of Rs 1.30 per equity

CG Power and Industrial Solutions posts consolidated net up by 56.4%

Power and industrial equipment solutions provider CG Power and Industrial Solutions Ltd has reported a 56.4 per cent rise in its consolidated profit after tax (PAT) for the quarter ending June 30, 2023, at Rs 203.84 crore, the company said on Thursday. The company, part of the diversified conglomerate Murugappa Group, reported consolidated PAT at Rs 129.93 crore registered in the corresponding period of last year. For the year ending March 31, 2023, the consolidated profit after tax stood at Rs 962.97 crore. The consolidated total income during the April-June quarter grew to Rs 1,896.15 crore, as against Rs 1,651.95 crore registered in the same period of last year. For the year ending March 31, 2023, the consolidated total income was at Rs 7,040.30 crore. The company, in a statement, said an exceptional item for the quarter represents net gain on the dissolution of one of the subsidiaries of the group -- CG Power Solutions UK Ltd.

CG Power and Industrial Solutions' Q4 profit after tax rises to Rs 428 cr

CG Power and Industrial Solutions on Monday said its consolidated profit after tax (PAT) rose multi-fold to Rs 428.22 crore in March quarter 2022-23 on account of increased income. It had reported a PAT of Rs 111.65 crore for the year-ago quarter, the company said in a BSE filing. Total income surged to Rs 1,917.05 crore from Rs 1,492.77 crore in January-March FY22. Total expenses rose to Rs 1,654.63 crore from Rs 1,358.03 crore a year ago. CG Power is an engineering conglomerate with diverse portfolio of products, solutions and services for power and industrial equipment and solutions.

Market regulator Sebi penalises former audiitors of CG Power for violations

India's market regulator penalised two former auditors of CG Power and Industrial Solutions Ltd on Thursday for rule violations, according to an order published on the regulator's website.

MSCI revision: CG Power, Bank Baroda look bullish on charts; avoid Biocon

Biocon share may slip up to 21 per cent if breaks 52-week low

CBI chargesheets CG Power, ex-promoter Thapar in Rs 2,435-cr fraud case

The CBI has filed a charge sheet against CG Power and Industrial Solutions and its former promoter Gautam Thapar in an alleged Rs 2435-crore bank fraud case that affected 12 banks, officials said. This comes after the agency conducted a probe for nearly 19 months into the allegations of diversion of bank funds, and manipulation of account books among other charges against the company, Thapar and other senior executives, they said. Thapar is already facing multiple probes into his alleged links with Yes Bank co-founder Rana Kapoor who was booked by the CBI under corruption and fraud charges. In its charge sheet filed before a special court, the CBI has alleged that huge amounts of bank loans were diverted by the accused to related parties for which adjustment entries were made in the account books, they said. The investigations showed that the accused availed loans against securities without disclosing credit facilities availed from other banks, they said. The accused borrowed fun

CG Power Q2 net profit falls 11% to Rs 179 cr; total income rises 16%

CG Power and Industrial Solutions on Wednesday reported 11 per cent decline in consolidated net profit at Rs 178.97 crore for September quarter 2022-23. The company logged a profit of Rs 201.78 crore in the quarter ended September 30, 2021, a BSE filing stated. However, its total income rose to Rs 1,707 crore in the quarter from Rs 1,468.56 crore in the same period a year ago. The board in its meeting also approved a proposal to expand the manufacturing capacity of motors at its Ahmednagar and Goa plants with a capital outlay of Rs 230 crore. The proposed expansion would increase the capacity to 19.92 lakh low tension motors per annum, from the existing capacity of 9.93 lakh per annum. The current capacity utilisation is around 80 per cent. The expansion project will be implemented in 2 phases over a period of 4 years and will be funded through internal accruals. The expansion is proposed considering the expected increase in future demand for AC motors. The board also approved on

CG Power and Industrial Solutions Q1 net profit jumps 138% to Rs 130 crore

The company had reported a consolidated net profit of Rs 54.58 crore in the quarter ended on June 30, 2021, a BSE filing said

Kirloskar Ferrous takes over Indian Seamless for Rs 670 cr

The proceeds will be used towards a one-time settlement of ISMT's loans of about Rs 3,359 crore

This Murugappa Group stock has zoomed 100% in 11 weeks

CG Power and Industrial Solutions hit a multi-year high of Rs 157.65 today, and has zoomed 3,261 per cent from its March 2020 low of Rs 4.69 on the BSE

YES Bank loan fraud: CBI books former CG chairman Gautam Thapar, others

The case has been registered on a complaint, dated May 27, 2021, from Chief Vigilance Officer of the bank Ashish Vinod Joshi

CG Power lines up Rs 135 cr capital expenditure in current financial year

CG Power and Industrial Solutions, acquired by Tube Investments last year, has chalked out capital expenditure plans of Rs 135 crore during the current financial year, the company said.

CG Power seeks shareholders nod for preferential allotment of shares to SCB

CG Power and Industrial Solutions on Friday said it will seek shareholder approval to allot 1.38 crore shares for Rs 101.20 crore to Standard Chartered Bank on a preferential basis

Murugappa Group signs agreement for settling CG Power's dues, loan recast

Says CG Power's resolution of outstanding obligation towards its lenders has been completed by upfront payment of Rs 650 crore to lenders as compromise settlement

Tube Investments increases stake in CG Power after preferential allotment

Initially, TII invested around Rs 700 crore to acquire 51% stake in the scam-hit CG Power and Industrial Solutions

Tube Investments looks to reduce dependence on automobile industry

With the largest acquisition in its history, the Murugappa flagship is looking to reduce its dependence on the automobile industry and find new markets

CG Power to start creating cash next year and pay debt: Tube Investments MD

In an interview with Business Standard, Vellayan Subbiah, MD, spoke on how the acquisition fits in the firm's strategy and how it plans to turn around CG Power