Greaves Cotton hit a new 52-week high at Rs.164.55 and remains firmly among the top gainers on the BSE since opening bell.
The stock price has surged after its Board approved the proposal of investment in Ampere Vehicles by acquiring 67% in the first phase and further 13% in a span of three years.
The company will be acquiring the 67% in Ampere for Rs.77 crore, to be completed by 31st Dec’18. The other 13% stake will cost Rs.75.50 crore.
Ampere is well known in the last mile mobility electric vehicles segment and more significantly, Ratan Tata and Kris Gopalkrishna of Infosys have invested in this company too.