Greaves Cotton spurts 9% after acquisition

This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses.

Aug 30, 2018 04:08 IST India Infoline News Service

Greaves Cotton
Shares of Greaves Cotton rallied 9% on the BSE as the company entered into definitive agreements to acquire a majority stake in EV company Ampere Vehicles, subject to customary closing conditions.

This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses. Read here

The announcement was made after market hour’s yesterday.

Greaves aims to create enhanced value for its shareholders by investing in advanced clean energy technologies through partnerships in India and worldwide. This acquisition in the electric mobility segment underscores the the firm's strategic intent.

The company's stock is currently trading at Rs159.80 up by Rs13.15 or 8.97% from its previous closing of Rs146.65 on the BSE.

The scrip opened at Rs157.55 and has touched a high and low of Rs164.55 and Rs155 respectively.

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