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Greaves Cotton's shares up 50% in 2022 on firm outlook for EVs

 
New Delhi, Jan 11 (IANS) Th shares of Greaves Cotton have risen around 50 per cent since the start of the calendar year 2022.

On Tuesday, the company's shares hit an all-time high and settled over 11 per cent higher at Rs 233.

The recent sharp uptick in share prices is because the company's subsidiary -- Greaves Electric Mobility, a leading electric two and three-wheeler manufacturer -- sold over 10,000 units in December.

Besides, the company had reportedly acquired 100 per cent stake in electric three-wheeler company, ELE (e-rickshaws), recently and completed acquisition of 26 per cent stake in another electric three-wheeler company, MLR Auto (Teja brand).

Also, the company on January 3 launched its mega EV factory in Ranipet in Tamil Nadu.

Greaves Cotton's current market capitalisation is worth Rs 5,392 crore, NSE data showed.

There is a strong demand for electric vehicles as the world is rapidly shifting towards green mobility.

Prime Minister Narendra Modi at the recent COP26 meet in Glasgow had announced that India aims to increase its non-fossil energy capacity to 500 Giga Watt by 2030, besides the country wishing to fulfil 50 per cent of its energy requirements from renewable energy sources by 2030.

--IANS
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