Crompton Greaves surges on bagging contract worth Rs 244 crore

Crompton Greaves is currently trading at Rs 211.00, up by 2.35 points or 1.13% from its previous closing of Rs 208.65 on the BSE. The scrip opened at Rs. 210.85 and has touched a high and low of Rs. 213.60 and Rs. 210.85 respectively. So far 140980 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 214.60 on 05-Jun-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 214.60 and Rs 180.50 respectively. The current market cap of the company is Rs 13126.17 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 bagged Rs 244 crore contract with Spanish multinational electric utility company Iberdrola to supply over 1 million ZIV single smart meters in a year. The order comprises single-phase and three-phase meters and reiterates CG’s growing dominance in the global smart grid sector. A significant advantage for CG in the Spanish market has been the regulatory framework in the country which makes it mandatory that 70 percent of the analog meters are replaced by 2016 and 100 percent by 2018. ZIV as the world’s main PRIME meter supplier, is uniquely positioned to benefit from this regulation, by collaborating closely with the distribution utilities and assisting them in achieving the challenge on time. 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.