Greaves Cotton has surged 9% to Rs 67 on back of over ten-fold jump in trading volumes. As many as a combined 3.33 million shares have already changed hands on the counter till noon deals, against an average around 200,000 shares that were traded daily in past two weeks. The stock opened at Rs 60.50 and hit a high of Rs 67.40 on the National Stock Exchange.
Last week, the automotive and industrial engine manufacturer entered into a long-term supply agreement with Atul Auto for the supply of diesel engines for three-wheeler vehicles.
“This is a long term agreement which is signed for a seven year period and will come into effect immediately,” Greaves Cotton said in a filing.
