Introduction:
EV stocks saw a boost as Vijay Kedia acquired a 0.52% stake in Greaves Cotton for ₹25 crore. This investment comes ahead of the upcoming IPO of its electric vehicle unit, Greaves Electric Mobility Ltd, contributing to strong stock performance.
Share Price movement of Greaves Cotton:
As of today, December 9, 2024, Greaves Cotton’s share price surged by 14.61% from previous close ₹213.24 opening at ₹228.40 and reaching an intraday high of ₹252. The current price stands at ₹244.40, with a market cap of ₹5,681.85 crores.
Greaves Cotton share price rise:
Ace investor Vijay Kedia acquired a 0.52% stake in Greaves Cotton, purchasing 12 lakh shares for ₹25 crore through a block deal. This acquisition comes ahead of the proposed listing of Greaves Cotton’s electric vehicle unit, Greaves Electric Mobility Ltd (GEML), which is preparing for an IPO.
Greaves Cotton’s shares surged by 8% to hit a 52-week high, following the block deal. The stock has rallied more than 40% in 2024, outpacing the 13% gain of the Nifty50 index. Other fund houses, including Dimensional Fund Advisors and Motilal Oswal, also acquired shares in the company.
Greaves Cotton reported a net loss of ₹135.3 crore in FY24, down from a profit of ₹78 crore in FY23. Despite a 2.5% revenue decline, the company achieved a net profit of ₹13.5 crore in the first half of FY25, with a market cap of ₹4,957 crore.
Read More: Healthcare stock jumps after it acquires leading cancer testing company for ₹247 Cr
Recent news About Greaves Cotton:
On November 13, 2024, Greaves Cotton reported a net profit of ₹13.5 crore for the first half of FY25, reversing its loss from FY24. Despite a slight revenue decline, the company showed positive growth, boosting investor confidence. Its market cap stands at ₹4,957 crore.
Stock performance of Greaves Cotton for Period of 1 week, 6 months and 1 year:
Greaves Cotton’s stock has seen a notable 12.9% increase over the past week. Over the last six months, it has surged by 58.4%, and the stock has delivered an impressive 53.6% return over the past year, showcasing strong growth across all periods.
Read More: Healthcare stock jumps after it signs CDMO contracts with UK based companies for 15 new APIs
Shareholding pattern of Greaves Cotton:
| All values in % | Sep-24 | Jun-24 | Mar-24 |
| Promoters | 55.88 | 55.88 | 56 |
| FII | 1.04 | 1.15 | 2.81 |
| DII | 3.82 | 3.77 | 3.76 |
| Retail & others | 39.22 | 39.17 | 37.42 |
About Greaves Cotton:
Greaves Cotton is a leading manufacturer of internal combustion engines, power generation equipment, and power transmission systems. The company also produces mining, construction, and materials handling equipment, along with three-wheeler autorickshaws and other industrial products, supporting diverse industries globally.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
