Shares of Greaves Cotton surged 20 per cent to Rs 249 per share on the BSE in Tuesday's intraday trade ahead of the scheduled analyst/ institutional Investor meeting on January 13, 2022.  

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The shares have been backed by spurt in volume as stock witnessed more than 3.04 times volume on the BSE in the afternoon trade on Tuesday.  

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At around 1:40 pm, shares of Greaves Cotton were trading with gain of Rs 37.75 or 18.04% to Rs 247.05per share on the BSE.  

In the past 5 days the industrial machinery shares have surged over 60 per cent. From Rs 153 per on January 5, the shares gained over Rs 90 to trade at Rs 248.35 per share on the NSE on January 11, 2022.  

Jatin Gohil, Technical Analyst at Reliance Securities, earlier on Tuesday recommended to buy this stock for target price of Rs 295 per share.    

Since 3rd January 2022, the stock witnessed a price-volume action, wherein it rose from Rs 138 to Rs 209.45, he said. "Major moving averages are sloping upwards on short-term as well as medium-term timeframe charts. The key technical indicators are positively poised. This could lead the stock towards Rs240 initially and Rs295 subsequently," recommended. Jatin Gohil. 

Established in 159, Greaves Cotton Ltd. is an Indian engineering company that manufactures Cleantech Powertrain Solutions (CNG, Petrol and Diesel Engines), Generator sets, Farm equipment, E-Mobility, Aftermarket spares and services. 

(Disclaimer: The views/suggestions/advice 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.)