Greaves Cotton extends rally on improved Q3 results; stock up 32% in 1 week

New electric vehicles (EV) capacity expansion plans in South India will help to provide best-in-class electric vehicles & help accelerate overall EV adoption in India, the company said

Shares of Greaves Cotton advanced 16 per cent to Rs 114.75 on the BSE in the intra-day trade on Wednesday, having rallied 32 per cent in the past one week, after the company reported a standalone net profit of Rs 20.92 crore in December quarter (Q3FY21) on the back of a strong operational performance. The company, engaged in industrial machinery segment, had posted a net loss of Rs 23 crore in the previous quarter.

The company continued its growth momentum with consolidated revenues at Rs 495 crore in Q3FY21 and earnings before interest, taxes, depreciation, and amortization (Ebitda) at