CG Power shares hit a day high of Rs 822 on 23 October, even as second-quarter profit jumped nearly 44% on higher revenue.

On 23 October, Mumbai-based CG Power and Industrial Solutions Ltd told the exchange its consolidated profit after tax for the July to September quarter was Rs 409.09 crore.

A year earlier, it was Rs 284.44 crore. Income grew sharply too. Total income rose to Rs 3,883.25 crore from Rs 2,988.89 crore, a gain of roughly 30%.

The company makes electrical equipment and runs two business lines. Power systems brought in Rs 1,766.76 crore, up from Rs 1,254.49 crore, a rise of about 41%.

Industrial systems earned Rs 1,868.61 crore, up from Rs 1,533.33 crore, or about 22% more.

Together, the two segments make up most of the company’s total income. Its operating margin, the share of each rupee of sales left as operating profit, improved to 14.2%.

The board also approved more money for new capacity. It raised the budget for a gas-insulated switchgear plant at Vilholi in Nashik from Rs 35.17 crore to Rs 44.62 crore.

Switchgear is equipment that switches and protects power circuits. It also cleared Rs 15.31 crore to add 3,600 units a year of extra high voltage circuit breaker capacity at its S3 Unit-II facility.

Circuit breakers cut the power automatically when a fault strikes. The wider market also fell, with the Nifty 50 ending at 22,600.00, down 0.39%.

The stock closed at Rs 813.35 on the NSE, down Rs 3.75 from the previous close.

It has lost 9.12% over the past month but it’s up 10.98% over the past year and 27.50% so far this year.

Its market value stands at Rs 1,28,140.71 crore, and its 52-week high is Rs 980.90.

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