Crompton Greaves Consumer Electricals

Last updated

Crompton Greaves Consumer Electricals Limited
Company type Public
BSE:  539876
NSE:  CROMPTON
ISIN INE299U01018
IndustryConsumer electronics
Founded1937
Headquarters
Mumbai
,
India
Key people
Shantanu Khosla (Vice Chairman), Promeet Ghosh (CEO & MD), [1] Mr. Kaleeswaran Arunachalam (CFO)
ProductsConsumer electronics
Website www.crompton.co.in

Crompton Greaves Consumer Electricals Limited (also known as Crompton) is an Indian electrical equipment company based in Mumbai, India. The company has lighting and electrical consumer durables including LED lighting, fans, pumps, and household appliances like water heaters, air coolers, and kitchen appliances. [2] [3]

Contents

As of February 2022, the company is indexed with S&P Global BSE Consumer Durables Index, a list of 10 top listed Indian consumer durables companies. [4] [5]

History

The company was established in 1937 as Crompton Parkinson Works Limited, a wholly-owned subsidiary of Crompton Parkinson. In 1947, it was acquired by Karam Chand Thapar. [6] [7] The company was established in 2016 as an outcome of the demerger of Crompton Greaves Limited which separated the latter's consumer goods business from the power and industrial systems segment. [8] The demerger plan was announced in July 2014 and it was completed in 2016 with the creation of CG Power and Industrial Solutions and Crompton Greaves Consumer Electricals Limited. [9] [10] At the time of demerger, Gautam Thapar, the former chairman of combined Crompton Greaves Limited, sold his 34% stake in CGCEL to Advent International and Temasek Holdings for ₹2000 crore. [11]

Crompton's operation is divided into two segments: one is Electrical consumer durables (ECD) which include fans, appliances, and pumps. The other one is Lightings which includes LED and Non-LEDs products. Under the ECD, the company is considered a market leader in fans business with a 26% market share. [12] [13]

As of September 2020, the company has manufacturing facilities at Goa, Vadodara, Ahmednagar and Baddi. [6] And one R&D centre at Vikhroli, in the suburb of Mumbai. [14] [15]

Controversies

In November 2017, Reuters reported instances of "prescient messages" regarding the performance of 12 Indian companies in WhatsApp groups and it included Crompton. [16] The information contained upcoming quarterly results, including specific metrics such as net profits, revenues, and operating margins. [17] At that time, the matter was investigated by India's Securities and Exchange Board of India for insider trading by brokers. [18] Later, in 2021, the Securities Appellate Tribunal (SAT) set aside the SEBI's order because the latter was failed to prove insider trading connection among and between the brokers. [18]

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References

  1. ↑ "Promeet Ghosh named MD & CEO of Crompton Greaves Consumer Electricals". The Economic Times . Retrieved 24 April 2023.
  2. ↑ Debangana, Ghosh (5 September 2020). "Crompton Greaves Consumer Electricals has been doing well but there is a tightrope walk ahead". Outlook Business . Retrieved 7 March 2022.
  3. ↑ Praveen, Sahay. "Crompton Greaves Consumer Electricals Ltd: Q2FY17 Result Update" (PDF). Edelweiss . Retrieved 7 March 2022.
  4. ↑ "S&P BSE CONSUMER DURABLES | S&P Dow Jones Indices". www.spglobal.com. Retrieved 7 March 2022.
  5. ↑ Sarkar, Rahul. BUSINESS, ECONOMY AND SOCIETY IN VUCA WORLD (VOLUME 2). RED'SHINE Publication. Pvt. Ltd. ISBN   978-93-89476-20-0.
  6. 1 2 Zaveri, Jimit (30 September 2020). "Initiating Coverage Crompton Greaves Consumer Electricals Limited" (PDF). HDFC securities . Retrieved 7 March 2022.
  7. ↑ Seth, Amit (2010). A Study of Turnaround Strategies of Indian Corporate Sector - An Analysis of Selected Companies (PDF) (PhD Thesis). Aligarh Muslim University. p. 105 – via CORE (research service).
  8. ↑ Bhattacharyya, Asish K. (12 December 2020). "Evolution of Corporate Governance in Emerging Economies – Indian Experience". SSRN   3747512.
  9. ↑ Jayaprakash, Rinu (October 2017). "AN ANALYSIS OF THE PERFORMANCE OF NIFTY INFRASTRUCTURE INDEX STOCKS". Journal of Arts, Science & Commerce. ISSN   2231-4172 . Retrieved 7 March 2022.
  10. ↑ Bose, Indranil; Lahiri, Saikat (2020). "Crompton: Innovation in Anti-Dust Fans" (PDF). IIM Calcutta Case Research Center– via Indian Institute of Management Calcutta.
  11. ↑ Oberoi, Rahul (13 May 2016). "Crompton Greaves Consumer Electricals lists on bourses today, shares up". The Financial Express . Retrieved 7 March 2022.
  12. ↑ Agarwal, Deepak (25 December 2020). "INSTITUTIONAL EQUITY RESEARCH Crompton Greaves Consumer Electricals Ltd Higher focus on market share" (PDF). PhillipCapital . Retrieved 7 March 2022.
  13. ↑ Lohade, Aachal; Agarwal, Manish; Bachhawat, Shrenik (1 April 2019). "JM Financial's Report on Crompton Greaves Consumer Electricals Limited" (PDF). JM Financials. Retrieved 7 March 2022.
  14. ↑ "Crompton Greaves Consumer Electricals sets up its largest R&D facility in Mumbai". www.thehindubusinessline.com. December 2021. Retrieved 7 March 2022.
  15. ↑ "Consumer electricals firm Crompton bets big on its R&D". The Week. Retrieved 7 March 2022.
  16. ↑ "Exclusive: Prescient messages about Indian companies circulate in WhatsApp groups". Reuters. 16 November 2017. Retrieved 7 March 2022.
  17. ↑ Bhattacharya, Prateek (2019). "India's Insider Trading Regime: How Connected Are You?" (PDF). New York University Journal of Law & Business . 16 (1): 1–29 – via HeinOnline.
  18. 1 2 SHAH, PALAK (25 March 2021). "WhatsApp leak case: SAT sets aside SEBI order". www.thehindubusinessline.com. Retrieved 7 March 2022.
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