Greaves Cotton Share Price Hits Nearly Two-Year High As Vijay Kedia Buys Stake
The purchase, which amounts to 0.52% of the company's equity, comes ahead of the anticipated listing of Greaves Cotton's electric vehicle subsidiary.
Shares of Greaves Cotton jumped nearly 10% in early trading on Tuesday, following news that renowned investor Vijay Kedia had acquired 12 lakh shares of the company through a block deal.
The purchase, which amounts to 0.52% of the company's equity, comes ahead of the anticipated listing of Greaves Cotton's electric vehicle subsidiary. Earlier this month, the company's board approved an initial public offering for Greaves Electric Mobility Ltd., which will include a fresh equity issuance and an offer for sale by existing shareholders.
Greaves Cotton manufactures internal combustion engines, power generation equipment, power transmission systems, and a range of equipment for mining, oilfields, construction, and material handling, along with integrated systems and electronics.
Greaves Cotton Q2 Earnings Highlights (Consolidated, YoY)
Revenue down 3% to Rs 705.31 crore versus Rs 726.69 crore.
Ebitda down to Rs 23.03 crore versus Rs 45.90 crore.
Ebitda margin narrows to 3.3% versus 6.3%.
Net loss at Rs 14.33 crore versus a loss of Rs 374.59 crore.
Greaves Cotton Share Price Today
The scrip rose as much as 9.57% to Rs 233.65 apiece, the highest level since Jan. 24, 2022. It pared gains to trade 9.25% higher at Rs 232.97 apiece, as of 09:55 a.m. This compares to a 0.11% advance in the NSE Nifty 50.
It has risen 48.14% on a year-to-date basis. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 77.70.
Of the three analysts tracking the company, two maintain a 'buy' rating, and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 21.1%.
