MUMBAI (Commodity Online): Power systems provider, Crompton Greaves Limited (BOM:500093) posted net profits of Rs.136.10 crore with a rise of over 47% for the second quarter of the current fiscal. Company stocks gained momentum on the bourses by surging close to 5% today.

The company’s net profits jumped by 47% to Rs.136.10 crore on a 16.8% rise in sales to Rs.1268.56 crore in Q2 September 2009 over the same period last year.

The result was announced at the fag end of the trading sessions on Tuesday, 27 October 2009, when the stock closed 0.27% higher at Rs.339.30 in a weak market. The stock hit a high of Rs.357.80 and a low of Rs.341 so far during the day. Meanwhile, the benchmark index, Sensex was trading marginally up by 0.2% at 16393 points in the afternoon trading session.

The stock had outperformed the market over past one quarter, gaining 14.17% as against 8.85% rise in the Sensex.

On a consolidated basis, the net profit jumped 61% to Rs.193.37 crore on a 4.7% increase in total income to Rs.2204.35 crore in Q2 September 2009 over Q2 September 2008. The company declared an interim dividend of 80 paise per share of face value of Rs.2 each.

On 4 September 2009, Crompton Greaves' subsidiary, Pauwels Trafo Belgium NV signed a pact with the EIC Group of Saudi Arabia, for establishing a joint venture company (JVC) for manufacture of medium power transformers in Saudi Arabia. Pauwels Trafo Belgium NV will hold 51% stake in JVC and EIC Group will hold the rest 49%.

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