Greaves Cotton Limited saw its shares gain approximately 2 percent in the early hours of Friday as it was trading at Rs 134.40 levels. The scrip remained in focus after its e-mobility arm Greaves Electric Mobility marked its foray into the high-speed electric two-wheeler segment.
The company launched Ampere Primus, their first ever electric two-wheeler at a price of Rs 1.09 Lakhs. “Primus offers a top speed of 77kmph, range of over 100km, longer battery life with LFP chemistry, smart connectivity features, superior comfort, and rideability,” said the company in the press release.
In addition to this, multiple reports also claim that the company is gearing up and will soon launch its second electric scooter, the Ampere NXG, in the next few quarters which will be positioned at a premium over Primus and will be aimed at customers focused on style and connectivity.
Greaves Cotton Limited is a diversified engineering company and a leading manufacturer of Cleantech Powertrain Solutions (CNG, Petrol, and Diesel Engines), Generator sets, Farm equipment, E-Mobility, Aftermarket spares, and services. The small-cap company has a market capitalization of Rs 3,108 Crore.
In Q3FY23, the company reported a total revenue of Rs 513.51 Crore which jumped 6 percent Year on Year from Rs 486.4 Crore. On a sequential basis, their revenue declined from Rs 698.81 Crore.
The company reported a loss of Rs 5.71 Crore in the quarter under review which narrowed down from a loss of Rs 6.24 Crore in the same quarter a year ago. In the September quarter of FY23, the company reported a profit of Rs 32.30 Crore.
Brokerage firm Sharekhan is bullish on the stock and has recommended a ‘Buy’ rating with a target price of Rs 183 per share, an upside of 37% from the current levels.
“Q4FY2023 is expected to be sequentially strong on the expectation of a sharp bounce back in the electric mobility business. Acquisition of high-margin Excel’s business would be margin accretive on consolidation,” the brokerage highlighted in its report.
Written by Anoushka Roy
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
