Greaves Cotton is up over 5%, hitting an intraday high at Rs.144.80. Its 20% UC for the day is at Rs.165.50.
The stock price rose after the company announced its entry into the multi-brand electric vehicle retail segment.
The company has launched an EV platform, under the brand name of AutoEVmart, which will enable consumers with a wide range of electric vehicles to choose from Ampere Electric to other brands in the EV space.
Basically, AutoEVMart will serve as a marketplace for EVs in the country, and will be offering e-two-wheelers and e-three-wheelers, among others, along with accessories.
The company said that this will be the first of its kind multi-brand retail stores for clean tech or electric mobility and it will start first with Bangalore. Based on the response it receives there, it will expand to the other major EV cities in the country.