Business Standard

Friday, January 17, 2025 | 07:03 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Greaves Cotton shares gain 4% as company launches new e-scooter variant

The northward move in the company's stock price follows the news that its e-mobility division, Greaves Electric Mobility, has introduced the Ampere Magnus Neo

sensex, markets

SI Reporter New Delhi

Listen to This Article

Shares of Greaves Cotton were buzzing in trade on Tuesday, January 15, 2024. The company's shares jumped 4.04 per cent to a day's high of Rs 247 on the National Stock Exchange during intraday trading. 
 
The northward move in the company's stock price follows the news that its e-mobility division, Greaves Electric Mobility, has introduced the Ampere Magnus Neo, an enhanced variant of its Magnus electric scooter.
 
"Building on the legacy of its Magnus series, the Magnus Neo is designed to make eco-friendly commuting more accessible, stylish, and affordable for everyone," the company said in a release.
 
Kunnakavil Vijaya Kumar, executive director & CEO, Greaves Electric Mobility, said, “The Magnus has earned the trust and love of customers, and this new generation embodies our vision of making ‘Har Gully Electric,’ driving the adoption of eco-friendly commuting to every corner of the country. Building on the success of the Magnus EX, the Magnus Neo incorporates advanced technology to offer enhanced features for everyday commuters. This new scooter is crafted to meet the changing demands of our customers while championing eco-friendly transportation options that contribute to a greener future.”
 
 
Greaves Cotton is a diversified multi-product and multi-location engineering conglomerate providing Fuel Agnostic Powertrain Solutions, E-Mobility Aftermarket & Retail Solutions, and Auxiliary Power. The company's retail network comprises approximately 10,000 retailers and over 130 distributors. It operates across various sectors, including Automotive, Non-Automotive Aftermarket, Retail, Electric Mobility, Technology, and Finance. Currently, the company is engaged in manufacturing engines, engine applications, and trading power tillers, spares related to engines, electric vehicles, and infrastructure equipment, among others.
 
The company enjoys a market capitalisation of Rs 5,622.57 crore as of January 14, 2025.
 
Greaves Cotton shares have a 52-week range of Rs 319.50 to Rs 112.05 on the NSE. The company's shares have yielded a return of 43 per cent in the last six months and 57 per cent in the last year.
 
At around 02:08 PM on Tuesday, Greaves Cotton shares were quoted at Rs 241.40, up 1.68 per cent from their previous close of Rs 237.40 on the NSE. A combined total of nearly 2.6 million equity shares of Greaves Cotton had exchanged hands on the BSE and NSE, estimated to be worth around Rs 63.06 crore so far, as of the time of writing.
 
Meanwhile, the benchmark equity indices were trading lower on Tuesday. The NSE Nifty50 was quoted at 23,155.30, up 0.32 per cent, while the 30-share Sensex was trading higher by 178 points at 76,508.
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 14 2025 | 2:29 PM IST

Explore News