Greaves Cotton jumps after block deal

Greaves Cotton rallied 5.08% to Rs 258.80 after Porinju Veliyath's Equity Intelligence India Private acquired a stake in the company through bulk deal on 27 January 2025.

On the BSE, 6.74 lakh shares of the company were traded in the counter so far as against an average trading volume of 2.80 lakh shares in the past two weeks.

On the NSE, 0.9 crore shares of the company were traded in the counter so far as against an average trading volume of 1 crore shares in the past three months.

The 52-week high for this stock is 319.50, which was reached on 30 December 2024. The 52-week low for this stock is 112.50, which was hit on 4 June 2024.

Equity Intelligence India Private acquired 12,51,900 shares, representing a 0.51% stake, through a bulk deal at an average price of Rs 234.63, amounting to Rs 29.37 crore. The transaction was carried out at a 5% discount compared to Monday's closing price of Rs 246.30 per share.

Meanwhile, the company's board has approved the appointment of Parag Satpute as managing director (MD) & group chief executive officer (CEO) with effect from 14th April 2025 for period of 5 years.

The said appointment is subject to approval of shareholders and other regulatory approval.

He will be responsible for the affairs of Greaves Engineering, Greaves Retail, Greaves Finance, Greaves Technologies and Excel Controlinkage.

Satpute is a Mechanical Engineer from Pune University and an Executive MBA from Warwick Business School. Satpute has over 29 years of overall experience. From Dec '22 he was working with Bridgestone based out of Europe as the President of their Fleet Business within Global Business Unit Bridgestone Mobility Solutions. From 2017 upto 2022 he led the India Business for Bridgestone as their Managing Director. In this role he led a comprehensive Business transformation for the Indian entity.

Further, the companys board has approved the re-designation of Arup Basu as Chief Executive Officer Greaves Engineering, effective from 14th April, 2025.

Greaves Cotton is a multi-product and multi-location engineering company. The company is a leading name in fuel agnostic powertrain solutions, e-mobility, aftermarket & retail.

The companys consolidated net profit declined 85.35% to Rs 6.68 crore in Q3 FY25 compared with Rs 45.60 crore in Q3 FY24. Revenue from operations jumped 12.81% YoY to Rs 750.60 crore in Q3 FY25.

Powered by Capital Market - Live News