CG Power zooms 5% despite media reports of Aditya Birla Sun Life Mutual Fund reducing stake

Aditya Birla Sun Life Mutual Fund has trimmed down its stake by 2.01% in CG Power.

Jun 24, 2020 01:06 IST India Infoline News Service

Avantha Group-backed CG Power and Industrial Solutions, on Wednesday, clocked the upper circuit limit on Sensex. The performance was unimpacted despite a media report stating that Aditya Birla Sun Life Mutual Fund has reduced its stake in the company.

A Bloomberg Quint report stated that Aditya Birla Sun Life Mutual Fund decreased stake to 3.45% from 5.46% on June 19.

Aditya Birla Sun Life Mutual Fund has trimmed down its stake by 2.01% in CG Power.

One of the reasons for positive stock performance can be due to financial performance announcement for FY20 nearing this week.

The company Board is scheduled to be held on Saturday, June 27, 2020, inter-alia, to consider and approve the Audited Financial Results, on Standalone as well as a consolidated basis, of the Company for the 4th quarter and fiscal year ended March 31, 2020.

CG in a notification also said,  "the trading window for dealing in securities of the Company is already closed from March 31, 2020, and shall continue to close up to 48 hours after the declaration of financial results of the Company for the financial year ended March 31, 2020".

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