Crompton Greaves soars on bagging order worth $15 million

Crompton Greaves is currently trading at Rs. 178.00, up by 4.45 points or 2.56% from its previous closing of Rs. 173.55 on the BSE. The scrip opened at Rs. 178.00 and has touched a high and low of Rs. 184.40 and Rs. 175.75 respectively. So far 637165 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 192.70 on 21-Apr-2014 and a 52 week low of Rs. 71.70 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs. 184.40 and Rs. 167.10 respectively. The current market cap of the company is Rs. 11245.16 crore. The promoters holding in the company stood at 42.67%, while Institutions and Non-Institutions held 42.47% and 14.64% respectively. Avantha Group Company Crompton Greaves (CG) has sealed a deal with Spain`s leading energy group, Iberdrola Ingenieria y Construccion S.A.U., which is supervising the Nairobi Metropolitan Ring Project, to supply high-voltage (HV) equipment for the under-construction 220/66 kV substations around the Greater Nairobi Metropolitan Area. The order, worth $15 million, involves the supply of six 200 MVA, 220/66kV HV power transformers, circuit breakers, instrument transformers and lightning arresters. The project is scheduled for completion by the end of 2014. CG power equipment will be installed in the new 220 kV substations at Isinya, Suswa, Ngong, Athi River and Koma Rock. The equipment will also feature in the existing Dandora substation, which is going through expansion. The Nairobi Ring project will help meet Kenya`s rising electricity demand, projected to grow at around 14% per year, from 1,205 MW last year to 15,065 MW by the year 2030. The KSh 4.9 billion substation project is financed by Agence Francaise de Development (AFD) and the Government of Kenya. The company bagged the prestigious deal due to its holistic solution-based approach that propels a project to completion within a demanding schedule. The order reinforces the existing strong relationship between CG and Iberdrola. Earlier in 2013, CG provided substation and automation equipment to Iberdrola in Spain, USA and the UK. At the world`s first major Smart Grid deployment at the Iberdrola STAR Project, in Bilbao, Spain, over 227,000 CG smart meters are successfully monitoring the electricity services. Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.