Crompton Greaves powers up
Crompton Greaves has been hitting a new high eveyday, since 9th April. Yesterday, it had hit a new high at Rs.181.25 and today, its intra day low is Rs.181.75, going on to scale another new high at Rs.188. The stock remains strongly in the green.
The reason for the buzz around the stock seems clear today – there is unconfirmed news that Japanese company, Hitachi, might buy the promoters stake in Crompton Greaves. The news is that the owners, Thapars, might put out their entire stake – 42.7% stake for sale, and Hitachi may strike this deal at around $2.5 billion or Rs.15,000 crore. On the other hand, the promoters are expecting a price of around Rs.18,000 crore and till they reach the right valuation and iron out the ‘right’ price, it may take a while for a ‘confirmed’ news to emerge. Till then, the buzz around the stock is expected to continue.