Jul 12, 2012, 08.23 AM IST
Crompton Greaves (CG) today said it is planning to cut 260 jobs at its Belgium operations out of total 730 and has initiated consultation process with the Belgian Works Council for the proposed reduction
In a BSE filing, the company said the transformer market in Western Europe is facing both, over capacity and price pressure and in this scenario, the downsizing is required to remain competitive and sustainable.
"... it is proposed that CG's Belgium operations be optimised for cost advantages, through administrative cost reduction measures and a right-sizing of its blue collar and white collar workforce.
"Approximately 260 employees are contemplated to be covered under the right-sizing exercise, out of a total of approximately 730 employees," the company said in the filing.
It further said that to carry the exercise, the company has commenced an information and consultation process with the Belgian Works Council as required by the Belgium Labour Regulations.
Crompton Greaves provides electrical products, systems and services for Utilities, Power Generation, Industrial and Consumers. The company, which is part of USD 4 billion Avantha group, has presence in 21 countries and employs more than 15000 persons.
In 2011-12, the company had reported a consolidated net profit of Rs 373.59 crore and consolidated net sales of Rs 11,248.58 crore.
Shares of the company closed today at Rs 121.20 apiece on the BSE, up 1.38 per cent from the previous close.
Crompton Greave stock price
On December 05, 2013, Crompton Greaves closed at Rs 127.10, up Rs 5.00, or 4.10 percent. The 52-week high of the share was Rs 128.45 and the 52-week low was Rs 71.70.
The company's trailing 12-month (TTM) EPS was at Rs 7.52 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 16.9. The latest book value of the company is Rs 48.51 per share. At current value, the price-to-book value of the company is 2.62.
Action in Crompton Greaves
Video of the day
Dec 5 2013, 12:20
- in FII View
Dec 4 2013, 11:08
- in FII View
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.