Greaves Cotton shines as its e-mobility business enters into agreement with Bike Bazaar Finance

Greaves Cotton is currently trading at Rs. 137.15, up by 2.40 points or 1.78% from its previous closing of Rs. 134.75 on the BSE.

Greaves Cotton
Greaves Cotton

The scrip opened at Rs. 135.80 and has touched a high and low of Rs. 138.15 and Rs. 135.80 respectively. So far 81732 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 184.50 on 08-Sep-2022 and a 52 week low of Rs. 118.70 on 14-Mar-2023.

Last one week high and low of the scrip stood at Rs. 138.10 and Rs. 133.35 respectively. The current market cap of the company is Rs. 3185.36 crore.

The promoters holding in the company stood at 55.74%, while Institutions and Non-Institutions held 8.77% and 35.49% respectively.

Greaves Cotton’s e-mobility business — Greaves Electric Mobility (GEMPL) has entered into an agreement with Bike Bazaar Finance, an RBI-registered nonbanking finance company that specialises in retail financing of Pre-Owned & New-vehicles. Under the agreement, Bike Bazaar Finance will finance GEMPL’s ELE-branded L3 electric vehicles. This partnership with an E3W company is the first of its kind for Bike Bazaar and will initially take effect in UP and Bihar, with plans to expand nationwide in the near future.

This collaboration will benefit both GEMPL and Bike Bazaar Finance, as well as customers, and is a significant advancement in India’s burgeoning e-mobility sector. By offering to finance up to 85% of the on-road price, Bike Bazaar Finance will enable more customers to access GEMPL’s ELE L3 electric vehicles. GEMPL’s dedication to providing innovative and sustainable mobility solutions will now reach a broader customer base throughout India due to this partnership.

Greaves Cotton commonly known as Greaves is one of the leading and diversified engineering companies in India with a rich legacy and brand trust of over 160 years impacting a million lives every day.