Shares of powertrains and genset maker Greaves Cotton today surged nearly 8 per cent as the company signed an agreement to acquire a majority stake in electric vehicle maker Ampere Vehicles which boasts of Ratan Tata as an investor.
The stock soared 7.81 per cent to end at Rs 158.10 on the BSE. During the day, it jumped 12.20 per cent to Rs 164.55 -- its 52-week high.
On the NSE, shares of the company climbed 7.57 per cent to end at Rs 158.30.
In terms of the equity volume, 9 lakh shares of the company were traded on the BSE and over 85 lakh shares changed hands on the NSE during the day.
Though the company did not disclose the value of the deal, sources told PTI that Greaves Cotton will pay Rs 77 crore for a 67 per cent stake in the Coimbatore-based firm which was set up a decade ago.
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