CG Power share price: The stock jumped 6.91 per cent to hit an all-time high of Rs 584.90. Later, the stock gave up a major chunk of its gain and was last seen trading 1.93 per cent higher at Rs 557.65.
Stocks that were in focus included names like CG Power, which jumped nearly 1%, JK Lakshmi, which fell 3%, and Metro Brands, whose shares declined 0.4% on Friday.
Kaynes Technology. InCred has downgraded this stock to 'HOLD' due to a significant run-up in the stock price & unfavourable risk-reward. InCred suggested a target of Rs 3,120 on the scrip.
Shares of CG Power and Industrial Solutions rose 12% after announcing a JV with Renesas Electronics and Stars Microelectronics to build a semiconductor facility in Sanand, Gujarat. The JV will invest Rs 7,600 crore over five years and aims to diversify into semiconductor manufacturing, leveraging the partners' technology and expertise.
In addition, CG Power has also signed an agreement on Technology and Services, Offtake and Manufacturing Agreement with Renesas Electronics Corporation, Japan; and Technology Know-How Sharing And Technical Support Agreement with Stars.
The domestic equity market closed in green on Friday. Sensex ended 440 points higher at 72,085. Nifty climbed 156 points to 21,853. Here's a look at stocks buzzing in action today.
Crompton Greaves has partnered with realty developer K Raheja Corp to jointly develop its CG House in Mumbai's Worli area. The development agreement will allow the developer to demolish an existing structure and construct one or more buildings on the land. The CG Power and Industrial Solutions and developer will receive a 50% share of the leasehold right and the developed building.