Greave Cotton shares jump 9% intraday as company opens largest EV production unit in Tamil Nadu
Greaves Cotton in its filing to exchanges said, Greaves Electric Mobility inaugurated its largest EV production facility in Ranipet, Tamil Nadu, which will serve as an electric mobility hub for both domestic and export markets.
The shares of Greaves Cotton jumped over 9 per cent to touch a day’s high of Rs 158.85 per share on the BSE intraday trade on Tuesday, as industrial machinery company launched the largest electric vehicle production facility in Ranipet, Tamil Nadu.
Greaves Cotton in its filing to exchanges said, “Greaves Electric Mobility inaugurated its largest EV production facility in Ranipet, Tamil Nadu, which will serve as an electric mobility hub for both domestic and export markets.”
See Zee Business Live TV Streaming Below:
Greaves Electric Mobility is the e-mobility arm of Greaves Cotton Limited and is one of the market leaders in the electric two-wheeler and electric three-wheeler segments. The company said, the 35-acre plant built to preserve the green terrain surrounding the site is located in the Industrial Centre of Tamil Nadu.
The company further stated, “The plant is part of the Rs 700-crore investment roadmap announced by the company to expand its growing share in the Indian electric vehicle market. It will have the capacity to produce 120,000 units by FY22-end and gradually ramp up to 1 million units in near future.”
Greaves Electric's ambitious goal of #MovingBillionsWithGreaves is encouraging EV adoption in the country. The business is supporting the entire ecosystem with continual last-mile mobility of people, commodities, and services by catering to both B2C and B2B domains.
Greaves Electric Mobility (formerly known as Ampere Vehicles Private Limited) has over 13 years of experience in EV technology, designing and manufacturing electric vehicles. With a strong base of over 100,000 customers and growing backed by a comprehensive EV ecosystem.
The stock in the last one month has surged around 20 per cent on the BSE as compared to over 4 per cent decline in the S&P BSE Sensex during the same period. At around 02:13 pm today, the counter is up over 7.5 per cent to Rs 156.4 per share versus a 0.43 per cent surge in the S&P BSE Sensex.
(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.