Crompton Greaves amongst top losers
By
Research Desk
about 9 years ago
Crompton Greaves is amongst the top three losers on the BSE currently, post the numbers it announced for Q3Fy15. The stock is down over 6% at Rs.167.25, its current intra day low. The market is probably not happy with the one-time gain boosting the bottomline.
The stock is most obviously over-reacting to the numbers. The company’s consolidated net profit for the quarter jumped up over 4 times to Rs.274 crore and this was mainly driven by its land sale in Mumbai. The company has earned Rs.278 crore via sale of its Kanjurmarg land sale in Mumbai, shown as exceptional income. If this land sale gain is removed, the company’s adjusted net profit would be only Rs.7 crore.