Crompton Greaves current top gainer

Crompton Greaves is currently the top gainer on the BSE, up almost 4.5% at Rs.204, close to its intra day high of Rs.204.90.

The stock is up, reacting to the news of today morning that Avantha Power & Infrastructure in which Crompton Greaves holds an equity investment of approx. 23.14% has informed that it has signed a MoU with Adani Power for 100% sale of APIL's Korba West Power Company Ltd. (KWPCL). KWPCL, a SPV of APIL, is commissioning a coal based thermal power plant of 600 MW. KWPCL is valued in excess of Rs.4200 crore.

The stock is also reacting to the news that its demerger of Consumer Products undertaking into Crompton Greaves Consumer Products Ltd on 16th Oct,  and it is a part this demerger that Avantha is selling stake. This move is expected to unlock value in the company and will provide the much required liquidity to the group.