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Crompton Greaves share price rises 7% after block deal

Around 3.37 crore shares changed hands in a block deal window. Brokerage firm, Anand Rathi has a buy recommendation on the stock with target of Rs 459 per share.

June 09, 2021 / 11:39 AM IST
 
 
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Crompton Greaves Consumer Electrical share price jumped 7 percent intraday on June 9. The stock rallied as 3.37 crore shares changed hands in a block deal window, according to CNBC-TV18.

The stock was trading at Rs 432.65, up Rs 28.25, or 6.99 percent. It has touched an intraday high of Rs 435.55 and an intraday low of Rs 409.10.

Earlier this month, rating agency CRISIL Limited reaffirmed the credit ratings of Crompton Greaves Consumer Electricals Limited. The credit rating agency has reaffirmed AA+ rating with a stable outlook on Rs 300 crore and Rs 180 crore programs of non-convertible debentures (NCDs).

It has reaffirmed AA+/Stable rating on long-term bank loan facilities of Rs 330 crore. The rating on short-term bank loan facilities has been reaffirmed at A1+.

Domestic brokerage firm, Anand Rathi has a buy recommendation on the stock with target of Rs 459 per share.

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Crompton Greaves Consumer Electricals reported an over two-fold increase in its consolidated net profit at Rs 249.08 crore in the fourth quarter ended March 2021. The company had posted a net profit of Rs 102.10 crore in the January-March quarter a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a BSE filing.

Its revenue from operations was up 48.3 percent at Rs 1,522.05 crore during the quarter under review as against Rs 1,026.34 crore in the corresponding period of the last fiscal.

Total market cap of the Crompton Greaves Consumer Electricals stood at Rs 27,018.41 crore at the time of writing this report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Moneycontrol News
first published: Jun 9, 2021 10:55 am

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