Financial Daily from THE HINDU group of publications
Saturday, Mar 02, 2002
Restructuring talk fuels rally in Crompton Greaves
KOLKATA, March 1
THE Crompton Greaves stock today hit a two-month high on major bourses with substantial volumes. At the National Stock Exchange, the stock closed at Rs 43.50, while at the Bombay Stock Exchange, it finished at Rs 43.20.
In the last six sessions, the scrip's price has appreciated by around 100 per cent.
According to market players, the spurt in volumes and price was fuelled by rumours of restructuring of the company's businesses.
It is being speculated that Crompton Greaves, Gautam Thapar group outfit, is talking with its foreign collaborator over changes in its holding.
The company has been making losses and the management is reportedly considering getting out of its non-core businesses.
The counter clocked volumes of 5.47 lakh shares on the BSE and 7.09 lakh shares on the NSE. The average combined daily volumes registered in the last two months were 2.37 lakh shares.
The stock, backed by more than average volumes, started moving up from February 22 from the levels of Rs 24.
The combined volumes of Crompton Greaves stock in the two top bourses on that day were 5.29 lakh shares.
On February 27, it breached the Rs 40-mark and closed at 40.50 with a record volume of 12.31 lakh shares on the NSE. The closing price of the counter on February 27 on the BSE was recorded at Rs 40.30.
Incidentally, the average total volume of the scrip at the two bourses between January 1 and February 22 hovered below a lakh shares per day.
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