This small-cap engineering stock hits 52-week high; scrip has given 70% returns in 6 months

The stock's all-time high level stands at ₹258.85, which was touched on January 21, 2022. 

In October, Greaves Cotton announced the appointment of Ramachandra Puttanna as the new business head for EV solutions and new businesses for its retail arm, Greaves Retail.

Greaves Retail offers comprehensive sales, service, and spare parts solutions across three- and two-wheelers, small commercial vehicles, electric vehicles (EVs), and construction equipment.

Recently, the company announced that its subsidiary Greaves Electric Mobility (GEML) was considering an initial public offering (IPO).

"This is to inform you that we have received an intimation from GEML that the board of directors of GEML, a material subsidiary company of Greaves Cotton Limited, at its meeting held today, i.e., December 1, 2024, has, subject to approval of the shareholders of GEML, approved an initial public offering ("IPO") of the equity shares of GEML." the company said in a regulatory filing.

The IPO will be a fresh issue of equity shares as well as an offer-for-sale (OFS) component by certain existing and eligible shareholders, subject to market conditions, receipt of regulatory clearances, and applicable approvals.

The IPO size, including OFS participants, price, and other details of the Greaves Electric Mobility IPO, will be informed in due course following GEML's finalisation of such information in consultation with the book-running lead managers.

Greaves Electric Mobility, the electric mobility business of Greaves Cotton, is a key player in the electric vehicle (EV) technology industry in India. The company has a presence in the two-wheeler and three-wheeler segments.

In the electric 2-wheeler segment, the company has the 'Ampere' e-scooter brand.

Greaves Cotton share price performance

Shares of Greaves Cotton have rallied 68% in the past six months and around 10% in the past 30 days.