CG Power soars with arm bagging order worth $55 million from Persero

12 Feb 2018

CG Power & Industrial Solutions is currently trading at Rs. 90.90, up by 2.45 points or 2.77% from its previous closing of Rs. 88.45 on the BSE.

The scrip opened at Rs. 88.15 and has touched a high and low of Rs. 92.00 and Rs. 87.95 respectively. So far 130163 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 99.00 on 12-Jan-2018 and a 52 week low of Rs. 64.10 on 16-Feb-2017.

Last one week high and low of the scrip stood at Rs. 92.00 and Rs. 78.20 respectively. The current market cap of the company is Rs. 5687.72 crore.

The promoters holding in the company stood at 34.42%, while Institutions and Non-Institutions held 51.46% and 14.12% respectively.

CG Power & Industrial Solutions’ (CG) wholly owned subsidiary - CG Power Systems Indonesia has bagged an order from Indonesian state utility PT PLN (Persero) for manufacturing and supply of 64 units of Power Transformers valued at $55 million. This project is the first of its kind to be funded by Islamic Development Bank to support PLN’s ambitious goal to enhance its Transmission Grid performance.

The project will be completed by December 2018 and is going to play a critical role in its ongoing 35GW Fast Track Program. CG Power will complete the supplies against the order by December 2018. The order was secured through an open book process participated by six established bidders, including four multinational companies, where CG got the highest award of 37% of the total value. This is the 8th tender won by CG as a leader which comprised of eight different ratings in a wide capacity and voltage range.

The scope of work includes site survey, design, manufacturing, supply and installation of 64 units (4400 MVA) of Power Transformers in PLN regions spread from Aceh to Papua over Sumatra, Java, Kalimantan, Sulawesi, Papua and Malukku Islands of Indonesia.

Avantha Group Company CG Power and Industrial Solutions (formerly Crompton Greaves) is a global pioneering leader in the management and application of electrical energy. CG provides end-to-end solutions that meet all electrical needs of its customers. CG’s offerings include electrical products, systems and services for utilities, power generation and industries.

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