Shares of Greaves Cotton jumped over 7 percent on September 9 after company's e-mobility business received government approval for registration of its 2-wheeler models.
Greaves Cotton stock jumped 7.15 percent to hit an intraday high of Rs 177 per share on the NSE, ending the session near highs.
In exchange filing, Greaves Cotton said with the latest approval, the company's two wheelers are eligible for the EV incentive scheme - EMPS - positioning it to further drive sustainable mobility across India.
"Greaves Electric Mobility Private Limited (GEMPL), the e-mobility business of Greaves Cotton Limited , announces that the Ministry of Heavy Industries (MHI) has approved the registration of its two-wheeler models—Nexus, Primus, Magnus, and Zeal—under the EMPS Scheme, making the company eligible for the Government of India’s EV demand incentive scheme."
GEMPL’s three-wheeler business through its subsidiary is already eligible for demand incentives under the EMPS Scheme.
Greaves Cotton Limited (GCL) is a diversified multi-product and multi-location engineering Company. It's share price has delivered 12.37 percent returns in year-to-date. In the last three years, it moved higher by 24.34 percent on the BSE.
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