Crompton Greaves advances on Rs 720 crore order win

NEW DELHI: Shares of Crompton Greaves gained over 1 per cent in Tuesday’s trade after the company informed exchanges that it has received an order abroad with an estimated contract value of Rs 720 crore ($115 million).

The order is for manufacturing and installing of power transformers in Java, Sumatra and three other islands of the Indonesian archipelago.

Following the announcement, the stock rose 1.38 per cent to hit a high of Rs 65.80 on BSE. At the prevailing price, the stock trades at 0.89 times its book value.

The contract secured from the Indonesian state-run electricity company PT PLN was highly competitive that involved passing through stringent quality checks, the company said.

“The scope of the product includes site survey, design, manufacture, transportation and installation of transformers. The order fallds under a project funded by PT PLN to enhance the performance of the Indonesian transmission grid, critical to 35 GW Fast Track Programme,” the company said in a BSE filing.