Abdul Latif Jameel to invest $150 mn in Greaves Cotton's EV arm; stk up 14%

Abdul Latif Jameel will make an initial investment of Rs 1,160 crore for 35.8 per cent stake on a fully diluted basis in Greaves Electric Mobility

Shares of Greaves Cotton surged 14 per cent to Rs 183.90 on the BSE in Thursday's intra-day trade after the company announceed strategic investment by Abdul Latif Jameel in its electric vehicle (EV) arm, Greaves Electric Mobility (GEM).

At 09:30 AM; Greaves Cotton was trading 8 per cent higher at Rs 174 on the BSE, as compared to 0.01 per cent decline in the S&P BSE Sensex. The counter saw huge trading volumes with a combined 4.3 million equity shares having changed hands on the NSE and BSE in the first 15 minutes of trade. The stock had hit