Multibagger update: CG Power locks in upper circuit!

CG Power & Industrial Solutions got locked in the upper circuit during Monday’s trading session, gaining almost 5 per cent, owing to the positive results and announcement made by the management of making a capital expenditure of Rs 135 crore. 

CG Power & Industrial Solutions got locked in the upper circuit during Monday’s trading session, gaining almost 5 per cent, owing to the positive results and announcement made by the management of making a capital expenditure of Rs 135 crore. 

The capital expenditure will be aimed at improving the production by debottlenecking and modernising the plants at CG Power & Industrial Solutions. Last year, Tube Investments acquired CG Power in November. Since then, the company is facing a strong revival and has managed to turn around by posting profits after a string of losses.

CG Power is up by 90.5 per cent on a YTD basis and over one year, the stock is up by 1,173 per cent. Trading at Rs 85.95, the stock went up by 4.95 per cent during Monday’s morning session. However, in a one-month period, the stock is trading flat. Sensex in the meantime has recovered its losses on an intraday basis and is trading down by more than 200 points.