Shares of this small-cap company jumped on announcing plans to bring new electric 2-wheelers
The company is considering expanding its electric 2-wheeler portfolio by adding up vehicles in the mass and premium segments.
The previous day’s close of the shares was at Rs 140.60. On Monday, the shares opened at Rs 140.15 and made the day high at Rs 143.35 a piece.
In the future, Greaves Cotton intends to introduce new electric two-wheelers in both the mass and premium markets as it seeks to increase its market share in the domestic market. Primus, Magnus EX, and Reo Plus are electric two-wheeler models that Greaves Electric Mobility, the company's subsidiary, offers under the Ampere brand.
The company plans to introduce electric scooters above and below the Rs 80,000 to Rs 1 lakh range where it currently sells its products. It is currently showcasing its new Ampere Primus high-speed B2C e-scooter at the ongoing Auto Expo 2023 along with five new product concepts, including Ampere NXG and Ampere NXU.
Greaves Cotton Limited, often known as Greaves, is one of India's top-tier and most diverse engineering firms with a long history and strong reputation that has impacted a million people's lives every day. Manufacturer of Cleantech powertrains for the CNG, petrol, and diesel industries, Greaves is an industry leader in fuel-independent powertrain solutions.
The firm has several business divisions, including Automotive, Non-Automotive, Aftermarket, Greaves Retail, Electric Mobility (Ampere Electric for e-rickshaws, various electric industrial items, and scooters), and Greaves Finance.
The 52-week high of the stock is Rs 258.85 whereas the 52-week low was Rs 124.15. Promoter’s holdings stood at 55.54%, whereas Institutional and Non-Institutional holdings are 9.25% and 35.20 %, respectively. Presently, the market cap of the company is Rs 3,287.03 crore.
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