Crompton Greaves rallies over 4% on land parcel deal report

NEW DELHI: Crompton Greaves rose as much as 4.5 per cent in trade on Thursday after media reports suggested that the company has put up a part of its land parcel at LBS Marg in the eastern suburbs of Mumbai for sale. Property consultants say the deal is likely to be announced in 7-10 days.

At 09:25 a.m.; Crompton Greaves was trading 3.3 per cent higher at Rs 204.80. It hit a low of Rs 202.15 and a high of Rs 207.20 in trade today.

According to a news report, Crompton Greaves has put up a part of its land parcel at LBS Marg in the eastern suburbs in Mumbai for sale. Nearly 8-10 acres of land is up for sale now while the rest will be sold in tranches. The total valuation of the 32-34-acre plot is estimated at Rs 1,400 cr, added the report.

"However, the company has responded by saying it does not comment on market rumours. We maintain Accumulate on the stock with a target price of Rs 225," Angel Broking said in a note.