Crompton Greaves surges over 4% as company sells Mumbai land

NEW DELHI: Shares of Crompton Greaves surged as much as 4.6 per cent to hit a high of Rs 203.45 in trades today ahead of its second quarter results after ET Now reported that the company has sold 34 acres of land in Kanjur Marg area of Mumbai.

Out of 34 acres, 25 acres of land has been sold to Runwal Group at Rs 30 crore per acre. Sources with knowledge of the deal told ET Now that the land sold to Runwal Group is at a lesser value compared to the current market prices. The Runwal Group will use this land to construct a residential complex on that land.

Following this news, the stock saw a surge in the trading volume on the BSE and till 1:30 p.m. a total of 5,88,000 shares changed hands on the BSE compared to average of 4,72,000 shares traded daily in the past two weeks.