Greaves Cotton shares rise 5% on unveiling new models in Auto Expo

Greaves Cotton shrugged the weakness in the markets and rallied as much as 5 per cent during the early trade on Wednesday after the company showcased its new electric vehicles at the Auto Expo.

Greaves Cotton exhibited six new electric two vehicles and three-wheelers at the Auto Expo 2023, which kicked off on Wednesday, January 11 in Delhi-NCR, the company informed in a media release filed with exchanges.

"Greaves Cotton is also mulling ideas to foray into electric powertrains. It has deployed Rs 1,500 crore to develop the 'Make in India' EV ecosystem, since its entry into the e-mobility space," the company's media release said.

Shares of Greaves Cotton jumped 5 per cent to Rs 138.65 on Wednesday, before trading at Rs 137.45 at 10.05 am. The scrip had settled at Rs 132.70 on Tuesday.

Greaves Cotton's shares have tanked about 45 per cent in the last one year, whereas the counter has slipped 15 per cent in the last six months.

"It will leverage its decades of engineering expertise to manufacture powertrains as it aims to lead last-mile passenger and cargo mobility through a complete EV ecosystem stack," said Greaves Cotton.

The company also unveiled its Ampere Primus, its new flagship two-wheeler products with a top speed of 77 km per hour with a high torque 4 kW mid-mount motor and a true range of more than 100 km on a full charge.

In addition to the Primus, the company unveiled five additional new product concepts to meet consumer needs across
segments and price points, which includes Ampere NXG and Ampere NXU.

Greaves Cotton also unveiled three-wheelers for passenger and cargo mobility including Greaves ELP- an electric passenger 3-wheeler that will empower auto drivers with disruptive cost savings; Greaves ELC - an electric cargo 3-wheeler that will meet the ever-growing demand in moving cargo; and Greaves Aero Vision.

Each product will continue to embody the company’s ‘Make-in-India’ thrust, with a high degree of localization with domestically sourced components.

In November 2022, ICICIDirect Research had recommended to buy the stock with a target price of Rs 210. However, the latest reports are awaited and are likely to be out once the company announces its Q3 performance.

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