Crompton Greaves shares is enjoying fortunes for the second consecutive day on Wednesday after the capital goods maker's June quarter earnings meet the expectations of the Street. Crompton Greaves share price rallied up 3 per cent to hit an intraday high of Rs 85.45, on top of yesterday's 1.93 per cent gains.
Crompton Greaves net loss decreased to Rs 10 crore in Q1 against a loss of Rs 62 crore in the same quarter of last financial year. On the other hand, revenues of Crompton Greaves jumped 39 per cent to Rs 1,424 crore. Also, Crompton Greaves' Q1 earnings were in line with estimates as subsidiary business posted higher margins. The company's revenue growth was led by its power systems division, which noted 87 per cent jump in its revenue at Rs 703 crore.
Nonetheless, the performance of power segment is unlikely to sustain as it included trading gains. Yet, it is expected that the core business of Crompton Greaves will strengthen going ahead as expenses related to the discontinued business will taper off.
As of 2.43pm., Crompton Greaves share price traded 3.18 per cent higher at Rs 84.35. The stock opened at Rs. 83 touching the day’s high and low at Rs. 85.50 and Rs. 82.50. Till now, 3,92,604 shares exchanged hands with a traded value of Rs. 647.80 lacs.
The company has a market cap amounting to Rs. 5129.92 (Cr). The closest support level of Crompton Greaves share price is Rs. 79.20 while the closest resistance level of the stock is Rs. 84.50.
In order to acquire detailed informtion refer to Cromton Greaves share price forecast.
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