Multibagger Update: CG Power locked in the Upper Circuit, makes a fresh record high on Wednesday, October 20!
CG Power is one of the top multibagger stocks that has multiplied investors wealth several times in the past year.
The shares of CG Power were seen locked in the upper circuit on Wednesday even as the broader market saw a deep correction of over 2% and BSE Sensex corrected by more than 400 points.
CG Power is due to announce its Q2FY22 results today, October 21. The stocks saw an impressive price volume breakout in Wednesday's trading session when the market was clearly in the bear grip.
CG power has been one of the top-performing multibagger stocks of 2021. In fact, it is one of the most promising stories of a turnaround we have witnessed in the past one year.
The share price of CG Power is up by over 446% in the past year. In 2021 alone the stock price of CG Power is higher by 206.49%.
The share price of the company closed higher by 4.99% to lock itself in the upper circuit on Wednesday, to close at Rs 136.85 per share.
The shares of CG Power have been trending recently also due to the company signing a pact with Evie Real Estate to sell Kanjurmarg property for Rs 382 crore. As per the reports, the transaction is slated to be completed before March 31, 2022. As per the term sheet signed by the company it is expected to receive Rs 382 crore in addition to repayment of Rs 20 crore of deposit under dispute. The binding term sheet was signed on October 16.
In the past week alone, the stock is up by more than 17%. In one month, the stock has gained by more than 41%.
CG Power and Industrial Solutions Limited, previously known as Crompton Greaves Limited, is an Indian multinational company engaged in the design, manufacturing, and marketing of products related to power generation, transmission, and distribution. It is based in Mumbai and is a part of the Murugappa Group.
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