Greaves Cotton: Sharekhan maintains Buy rating with the revised price target of Rs 150
Sharekhan continues to maintain a positive stance on Greaves Cotton on the back of its timely investments in the e-mobility business. Greaves acquired Ampere in 2018 and now holds 81.2% stake. Through its subsidiary Ampere, Greaves has signed an MOU with the Tamil Nadu Government to set up an e-mobility manufacturing facility at Ranipet.
Greaves Cotton has ramped up its e-mobility business at a much faster pace than we had anticipated earlier. The e-mobility business contributes 12% of Greaves Cotton consolidated revenues in 9M FY21: Image taken from greavescotton.com