Greaves Cotton enters in multi-brand EV segment AutoEMart; stock jumps 5% intraday – check target price here

An industrial machinery company Greaves Cotton on Thursday announced its entry in the multi-brand electric vehicle retail segment AutoEMart, PTI reported. AutoEVMart, the platform that serves as a marketplace for EVs in the country, will offering e-two-wheelers and e-three-wheelers, among others, along with accessories, Greaves Electric Mobility said in a PTI report on Thursday. 

AutoEVmart platform is a concept that will enable consumers with a wide range of electric vehicles to choose from Ampere Electric to other brands in the EV space, the PTI report said. The announcement comes on World EV Day, which is observed on September 9 every year.

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“These will be the first of its kind multi-brand retail stores for cleantech or electric mobility. We will start first with Bangalore. We will gauge the response and then will go to the other major EV cities in the country,” Greaves Cotton Managing Director Nagesh Basavanhalli said and PTI reported

Basavanhalli further said, we have over 600 stores in over 400 cities but this multi-brand EV retail stores network will be a little more exclusive between Ampere Electric and Greaves.

#GreavesCotton मल्टी ब्रांड कंपनी की 'AutoEVMart' के जरिए EV रिटेल सेगमेंट में एंट्री, #WorldEVDay के मौके पर कंपनी का ऐलान,
- PTI के हवाले से खबर#automobile @AnilSinghvi_ @deepdbhandari pic.twitter.com/xir8S62wUz

— Zee Business (@ZeeBusiness) September 9, 2021

The stock jumped 5 per cent intraday today to touch a day’s high of Rs 144.8 per share, however, it ended around 2.5 per cent higher to Rs 141.35 per share. Technical analyst Kunal Saraogi says, the counter looks good on charts and a base has been created around Rs 130 per share.

He adds, the scrip took a lot of time around Rs 130 per share level and consolidation has been. The analyst says, in this regard, we witnessed momentum in the stock today and believes it will soon see Rs 160 per share levels with a support of Rs 130 per share and stop loss of Rs 135 apiece.