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CG Power shares gain for the fourth straight day to end at a 52-week high

CG Power shares gain for the fourth straight day to end at a 52-week high

CG Power shares gain for the fourth straight day to end at a 52-week high
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By CNBCTV18.com Nov 24, 2022 6:12:53 PM IST (Published)

The company's shares have surged 43.07 percent year-to-date.

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Shares of CG Power and Industrial Solutions hit a fresh 52-week high of Rs 280.90 in morning trade on Thursday.


After opening flat at Rs 271.9, the shares gained momentum to touch a 52-week high of Rs 280.90 on the BSE, registering an increase of more than 3 percent over the previous close.

Similar movements were seen on the National Stock Exchange (NSE) too. The stock opened on a positive note at Rs 272.45 and then soon hit its 52-week high of Rs 278.85, a gain of 2.68 percent from the previous close.

The company's shares have surged 43.07 percent year-to-date. The stock gained 4 percent in the last week while it has gained 8.4 percent in the last three months.

The company reported an 11 percent decline in consolidated net profit at Rs 178.97 crore for the September quarter as against Rs 201.78 crore in the year-ago period. The company’s revenue from operations rose to Rs 1,696.27 crore from Rs 1,453.79 crore in the same period a year ago.

The board in its meeting last month 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.

CG Power and Industrial Solutions is engaged in providing end-to-end solutions to utilities, industries, and consumers for the management and application of electrical energy.

The Company offers products, services, and solutions through two segments - power systems and industrial systems.

The stock ended at Rs 276.75, up nearly 2 percent.
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