The price of Greaves Cotton’s stock shot up 18% today when Vijay Kedia, a top investor, purchased stock in the small-cap company. After closing at Rs 213.24, the shares opened much higher at Rs 228.40. With Greaves Cotton shares jumping 18.18% to reach an intraday high and a new 52-week high of Rs 252, a firm buying was observed following a positive start. Around 1:30 PM, Greaves Cotton’s stock was trading steadily upward, closing close to the day’s peak at Rs 250 per share. The company’s shares changed hands at about the same time, totaling 4.79 crore.
Vijay Kedia acquired 12 lakh shares of Greaves Cotton
On Monday, renowned investor Vijay Kedia acquired 12 lakh shares of Greaves Cotton in a block deal, acquiring a 0.52% stake in the business. He appears to have made his first investment in the company when he purchased the shares through his company, Kedia Securities, for Rs. 25 crore at an average price of Rs. 208.87 per share.
Greaves Cotton Share Price Today
The share price reached its highest level since January 24, 2022, rising as much as 9.57% to Rs 233.65 per share. As of 09:55 a.m., it has reduced gains to trade 9.25% higher at Rs 232.97 per share. In contrast, the NSE Nifty 50 had an increase of 0.11%. It has increased 48.14% so far this year. The day’s total trading volume was fifteen times higher than the 30-day average. The indicator of relative strength was 77.70. According to Bloomberg statistics, two of the three analysts that follow the firm have a “buy” rating, while one suggests a “hold.” A 21.1% decline is predicted by the average 12-month analysts’ consensus price target.
About the Company
Established on March 29, 1922, Greaves Cotton Limited is a prominent engineering firm in India that has been at the forefront of innovation. Because of its broader focus, the company, which has its headquarters in Mumbai, changed its name from Greaves Limited in 2003. Its wide range of products, which includes electric vehicles, gensets, engines, and farm equipment, has allowed it to forge a solid reputation in Southeast Asia, Africa, the Middle East, and Europe.
