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Shares of Greaves Cotton moved 6 per cent higher to Rs 187.50 on the BSE in Monday’s intra-day trade, having rallied 15 per cent in the past two trading days on the back of heavy volumes after the company entered into a pact with Bounce Infinity to provide battery swapping stations for Greaves Electric Vehicles. The stock had hit a 52-week high of Rs 258.85 on January 21, 2022.
At 10:16 am; Greaves Cotton was trading 5 per cent higher at Rs 184.95, as compared to a 0.41 per cent decline in the S&P BSE Sensex. A combined 3.6 million equity shares had changed hands in first hour of trading on the NSE and BSE.
“The company and Bounce Infinity have entered into an arrangement, which is not a material arrangement, for providing battery swapping stations for electric vehicles,” Greaves Cotton said in a clarification on a Livemint report.
According to the report, Bounce Infinity has announced a strategic partnership with Greaves Retail, the retail business division from Greaves Cotton, to provide battery swapping stations for Greaves Electric Vehicles.
With this tie-up, Greaves Retail becomes the first company to have hopped on to the Bounce Infinity battery-swapping network. The company has identified Bengaluru as the pilot city for this project, the report said.
Greaves Cotton said the listed entities are mandated to disclose all events or information which are material for the listed entities. “We therefore state that the discussion/arrangement for battery swapping stations is not material to the company,” it said.
Greaves Cotton is a diversified engineering conglomerate focused on being pivotal to India’s resurgence as a competitive economy. The company is a leading name in the domain of engines, retail, electric mobility, finance & technology services.
Greaves’ new business segments, such as greaves non-automotive and new mobility business, have seen increased growth momentum and a better recovery due to positive demand with 54 per cent contribution in overall business.
Greaves Electric Mobility Business comprising of Ampere (2-wheelers), ELE e-rickshaw and e-Autos, continues to add significant value with growth of 213 per cent in December 2021 quarter over the same quarter previous year, while accounting for 37 per cent in the overall revenue.
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