Crompton Greaves surges nearly 11% on share buy-back plan

MUMBAI: Shares of Crompton Greaves today soared nearly 11 per cent after the company said its board will consider share buyback proposal.

The stock surged 10.77 per cent to settle at Rs 82.30 on the NSE.

On the BSE, the scrip ended the day 10.02 per cent higher at Rs 81.80. In intra-day trade, the stock zoomed up 13.44 per cent to Rs 84.35.

In terms of volume, 11.59 lakh shares of the company changed hands on the BSE, while over 52.42 lakh shares were traded on the NSE.

Crompton Greaves in a filing to the BSE today said, "A meeting of the board of directors of the company will be held on June 28, 2013, which will, inter alia, take decisions with respect to buy-back of equity shares."

Currently, the promoters held 41.69 per cent stake in the heavy electrical equipment maker.

In the stock market, the BSE benchmark Sensex ended the day 88.26 points higher at 18,629.15.