Crompton Greaves briefly hit a new 52-week high today at Rs.76.80, up over 3% and after that, it has come down and is currently just about holding to the green, up less than 1%.

The stock rose on news that it is selling its global automation business, ZIV by September 2016 and is looking at valuations of close to Rs.750 crore.

First, the company hived off its consumer electronics business for Rs.2000 crore to PE funds and is now listed on the bourses. Then it sold its power transmission business in Canada to PTI Holdings for around Rs.100 crore and another power asset to Adani Power and Malaysian Paper unit to Ballarpur Inds. The company also sold off its transmission & distribution business abroad to a US PE fund at Rs.866 crore.

The company is in the midst of major restructuring and reducing debt. This will enable the company to focus on domestic business, power and industrial verticals, where are expected to see major growth in coming years.