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Shares of Greaves Cotton Ltd shoot up as much as 11.9 per cent to 164.70 rupees, their highest in over a year.
Greaves Cotton, a diversified engineering company, has entered into an definitive agreement to acquire a majority stake in Ratan Tata and Kris Gopalakrishnan-backed electric bike company Ampere Vehicles.
The company said in a statement: “This acquisition will accelerate the development of clean energy technology solutions for the mobility needs of passengers and small businesses. Ampere is one of the leading brands in the last-mile mobility electric vehicles segment. It has strong in-house capabilities in designing, developing, manufacturing and marketing electric vehicles with a wide range of applications.”
Greaves Cotton stock posted its biggest intraday percentage gain since November 2015. More than 5.2 million shares changed hands, compared with their 30-day moving average of 584,462 shares. Up to last close, the stock had gone up 7.3 per cent this year.
(With inputs from Reuters)
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