Shares of engineering firm Greaves Cotton jumped as much as 8 per cent to hit intraday high of Rs 149 after the company announced foray into multi-brand spare parts business.
Greaves Cotton is into the business of manufacturing of petrol/diesel engines, farm equipment and gensets.
The company said the size of the spare part market that it wants to address is about Rs 3,500 crore. Mumbai-based Greaves Cotton plans to use its manufacturing and sourcing facilities to produce and source engine parts for its spare part business.
Greaves Cotton wants to become “a one-stop-shop for most parts requirements irrespective of the brand of 3-wheeler passenger and commercial vehicles”.
Following this development, shares of Greaves Cotton came in high demand as 1.06 lakh shares changed hands on the BSE compared with an average of 11,000 shares traded daily in the past two weeks.
Shares of Greaves Cotton ended 6.2 per cent higher at Rs 146.55.