The shares of Greaves Cotton have risen around 50 per cent since the start of the calendar year 2022. On Tuesday, the company's shares hit an all-time high and settled over 11 per cent higher at Rs 233The recent sharp uptick in share prices is because the company's subsidiary Greaves Electric Mobility, a leading electric two and three-wheeler manufacturer sold over 10,000 units in December.
Besides, the company had reportedly acquired 100 per cent stake in electric three-wheeler company, ELE (e-rickshaws), recently and completed acquisition of 26 per cent stake in another electric three-wheeler company, MLR Auto (Teja brand).
Also, the company on January 3 launched its mega EV factory in Ranipet in Tamil Nadu. Greaves Cotton's current market capitalisation is worth Rs 5,392 crore, NSE data showed. There is a strong demand for electric vehicles as the world is rapidly shifting towards green mobility.