CG Power jumps 4.5%

CG Power has been gaining for the last 4 days and has risen 18.63% in the period and today morning, it touched an intraday high of Rs.40.80, going up 4.5%.

The market is reacting positively to the news that Sunil Mittal through his wholly owned company, Sunil Bharti Mittal Holdings Pvt. has bought nearly 3.8 crore shares, or 6.13% stake of CG Power and Industrial Solutions.

This was done through a series of block deals in March.

This Rs.150 crore stake has been bought by Mittal in his personal capacity.

The shareholding of Avantha group has been selling assets to reduce debt  and this has led to its stake coming down to 12.7% from 34.4%.