Greaves Cotton rose 1.88% to Rs 59.75 at 9:23 IST on BSE after the company said it divested its entire stake in its step-down German subsidiary for strategic reasons.
The announcement was made after market hours on Tuesday, 8 October 2013.
Meanwhile, the BSE Sensex was down 135.29 points, or 0.68%, to 19,848.32.
On BSE, 5,675 shares were traded in the counter compared with average volume of 20,175 shares in the past one quarter.
The stock hit a high of Rs 60.50 and a low of Rs 59.30 so far during the day. The stock hit a 52-week high of Rs 87.55 on 9 October 2012. The stock hit a 52-week low of Rs 53 on 7 August 2013.
The stock had underperformed the market over the past one month till 8 October 2013, rising 2.18% compared with the Sensex's 3.70% rise. The scrip had also underperformed the market in past one quarter, falling 3.38% as against Sensex's 3.41% rise.
The small-cap company has an equity capital of Rs 48.84 crore. Face value per share is Rs 2.
Greaves Cotton said it divested its entire stake in its step-down subsidiary company, Greaves Farymann Diesel GmbH (GFD) in Germany, for strategic purposes. The stake in GFD was held through the company's wholly owned subsidiary, Greaves Cotton Netherlands B.V.
Net profit of Greaves Cotton rose 0.67% to Rs 31.76 crore on 0.41% rise in net sales to Rs 410.88 crore in Q1 June 2013 over Q1 June 2012.
Greaves Cotton, a multi-product, multi-locational company is one of the leading engineering companies in India with core competencies in diesel/petrol engines, gensets and construction equipment. The company sustains its leadership through ten manufacturing units which produce world class products backed by comprehensive marketing and service/parts network throughout the country.
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