CG Power at 5% UC

CG Power, which had closed on Friday at Rs.9.34, opened straight to hit the 5% UC of the day at Rs.9.80, where it currently remains frozen.

The stock has moved up on unconfirmed news that the company is negotiating with the Murugappa Group to increase its bid to Rs.1000 crore. If one may recollect, the group had already hiked the bid earlier from Rs.750 crore to Rs.850 crore.

There is also news that the Welspun Group is also interested and is also in initial talks with the company.

CG Power is mired is trouble ever since it came to light that the company had major governance issues with allegations of financial misappropriation too.