CG Power & Industrial Solutions Ltd Share Price – NSE  /  BSE

Capital Goods - Electrical Equipment, Mid Cap

CG Power & Industrial Solutions has allotted 30,000 equity shares under ESOP. Consequently, on allotment of the above equity shares, the paid-up equity share capital of the Company stands increased from Rs. 3,05,66,80,188 to Rs. 3,05,67,40,188 comprising of 1,52,83,70,094 equity shares of face value of Rs. 2/- each.

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CG Power & Industrial Solutions announced that Sudhir Kulkarni, Vice President - Head HR, part of the Senior Management of the Company has tendered his resignation from the services of the Company with effect from 26 July 2024.

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CG Power & Industrial Solutions (CG) has today i.e. 24th July, 2024 entered into definitive agreements for acquisition of 55% stake of G G Tronics (GGT) through a combination of purchase of equity shares from the Promoters of GGT and by way of subscription to Compulsorily Convertible Preference Shares for an aggregate consideration of up to Rs319.38 crore.

This acquisition is in line with CG's strategic intent to expand its Railway product portfolio by diversifying into closely related or adjacent areas poised for growth. The integration is anticipated to leverage synergies between the companies. CG's extensive expertise in manufacturing, engineering, and project management, complemented by GGT's specialized knowledge in Railway Transport Safety, particularly in the Train Collision Avoidance System 'KAVACH,' and embedded systems will enable CG to actively pursue ‘KAVACH' and other Rail Safety projects, in the areas of Electronic Signalling sector through this vehicle.

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Net profit of CG Power & Industrial Solutions rose 18.37% to Rs 241.14 crore in the quarter ended June 2024 as against Rs 203.71 crore during the previous quarter ended June 2023. Sales rose 18.86% to Rs 2227.52 crore in the quarter ended June 2024 as against Rs 1874.00 crore during the previous quarter ended June 2023.

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