Greaves Cotton rose 1.53% to Rs 136.45 at 11:21 IST on BSE after the company said it partnered with Altigreen Propulsion Labs to deliver clean energy solutions.
The announcement was made after market hours yesterday, 3 October 2017.Meanwhile, the S&P BSE Sensex was up 156.77 points, or 0.50% to 31,654.15.
On the BSE, 26,000 shares were traded in the counter so far, compared with average daily volumes of 32,203 shares in the past one quarter. The stock had hit a high of Rs 140.55 and a low of Rs 136 so far during the day. The stock hit a record high of Rs 178 on 4 May 2017. The stock hit a 52-week low of Rs 115.20 on 26 December 2016.
The stock had underperformed the market over the past one month till 3 October 2017, falling 14.34% compared with 0.65% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.18% as against Sensex's 0.81% rise. The scrip had also underperformed the market in past one year, rising 4.47% as against Sensex's 11.16% rise.
The mid-cap company has equity capital of Rs 48.84 crore. Face value per share is Rs 2.
Greaves Cotton announced a strategic partnership with US and Bengaluru based start-up Altigreen Propulsion Labs. The partnership aims to provide a range of clean energy powertrain solutions for the 3-wheeler and micro 4-wheeler commercial vehicles. This alliance will be kick-started with the launch of Altigreen's HyPixi a low cost partial electrification solution for retro-fitment on current fossil-fuel based vehicles. The solution will help deliver significantly improved fuel efficiency and reduced emissions, hence providing un-matched total cost of ownership to the last mile transportation segment.
Greaves Cotton's automotive engines division has been successfully providing powertrain solutions to customers in the last mile transportation segment in India. They have built strong credibility in this segment with their fuel-efficient engines and class leading cost of ownership.
The retro fitment solution gives up to 25% improvement in mileage, dramatic reduction in harmful tailpipe emissions, especially in densely populated cities and reduces wear-and-tear so there is less engine maintenance. The electric-assist system meets government notified standards and has been thoroughly tested and certified under Central Motor Vehicle Rules (CMVR) & is ready for fitment in India. The ARAI approved electric-assist HyPixi system, which is protected by US and global patents, gives Greaves an opportunity to expand the use of electric propulsion technology on existing and future vehicle population. Through this move, Greaves, a fuel agnostic powertrain solutions provider, re-affirms its commitment to remain a consumer centric solutions provider in the last mile transportation space with focus, investment on technology and continued interest in the clean energy space.
Net profit of Greaves Cotton rose 6.82% to Rs 41.17 crore on 1.41% rise in net sales to Rs 406.25 crore in Q1 June 2017 over Q1 June 2016.
Greaves Cotton is multi-product, multi-locational company is one of the leading engineering companies in India with core competencies in diesel/petrol engines, farm equipment and gensets.
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