CG Power shares hit upper circuit after Singularity Holdings, Blue Diamond buy stake

The stock price surged over 137 percent in the last three months

CG Power and Industrial Solutions share price hit 5 percent upper circuit on August 18 after Singularity Holdings acquired 35 lakh shares of the company at Rs 13.95 per share on the NSE and Blue Diamond Properties bought 4,12,93,778 shares of Rs 13.97 per share on the BSE.

The stock price surged over 137 percent in the last three months and was trading at Rs 14.66, up Rs 0.69, or 4.94 percent at 11:49 hours today. It has touched an intraday high of Rs 14.66 and an intraday low of Rs 14.66.

There were pending buy orders of 4,822,841 shares, with no sellers available.

Also, on the other hand, L&T Finance on August 17 divested its remaining 8.4 percent stake in the company for Rs 73 crore, through open market transactions. The bulk deal data available with the stock exchanges, L&T Finance Ltd sold 5.26 crore shares, or 8.4 percent stake.

Earlier last week, Murugappa Group firm Tube Investments of India Ltd has agreed to invest Rs 700 crore in CG Power and Industrial Solutions Ltd for a 51 percent stake, the company said on Friday.

Tube Investments of India Ltd will be issued 64.25 crore shares at Rs 8.56 apiece aggregating to Rs 550 crore, CG Power said in a regulatory filing.

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