Shares of India’s leading player in the Electric Vehicle technology industry gained 5 percent to Rs 151 apiece after the company announced a tie-up with EV maker Enigma Automobiles Private Limited.
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At 3:25 p.m., On the exchange, Greaves Cotton Ltd shares were trading at Rs 150.70 per share, up 4.61 percent from the previous close price. The company has a market capitalization of Rs 3,492 crore.
According to the company’s exchange filing, Enigma Automobiles Private Limited, an electric vehicle (EV) manufacturer, has signed a strategic partnership with Greaves Retail, an AutoEVmart, the retail and distribution unit of Greaves Cotton Ltd.
Through this partnership, Greaves Retail will offer sales, service, and spare parts support to Enigma Automobiles, and Collaboration will accelerate Enigma Automobile’s Electric two-wheeler sales and distribution.
Greaves Cotton’s profitability ratios increased in the most recent fiscal year, with a return on equity of 4.91 percent and a return on capital employed of 7.15 percent. Similarly, the net profit margin of the corporation has climbed to 2.83 percent.
The company’s revenue has declined by 14 percent year on year, from Rs 660 crore in Q1FY23 to Rs 568 crore in Q1FY24. During the same period, Net profit has significantly reduced from Rs 18 crore to a loss of Rs 24 crore.
According to the recent shareholding pattern, the promoters hold 55.87 percent of the company, while retail investors hold 35.51 percent.
Greaves Cotton Ltd. (GCL), is an engineering company engaged in the manufacturing of diesel and petrol engines, gen-sets, agro equipment, aero engines, and construction equipment.
Written by Omkar Chitnis
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