Highlights:
- Greaves Cotton share price has moved from ₹130.95 to ₹182.50 per stock in last one month
- The share has already delivered close to 50% return to its shareholders in 30 days
- The previous all-time high attained was ₹ 178 back on 4th May 2017
Greaves Cotton share price, on Thursday, breached its all-time high of ₹ 178 which it made over four years ago on the 4th of May 2017 and scaled a new peak of ₹ 182.50 while delivering close to 50% return to its shareholders in the last one month.
According to the share price history of Greaves Cotton, the stock has moved from ₹ 130.95 to ₹ 182.50 per stock levels at National Stock Exchange (NSE) in the last month. The stock market experts are of the opinion that the rise in Greaves Cotton shares is due to the rising petrol and diesel prices accelerating the shift towards Electric Vehicles (EVs).
Additionally, some of the recent central as well as state government policies have helped the stock move northward. They recommended fresh buyers to buy Greaves Cotton shares as the counter may go up to ₹ 300 mark in next one year.
Speaking on the reason for the rise in the Greaves Cotton share price Ravi Singhal, Vice Chairman of GCL Securities said, “This sharp rally in Greaves Cotton share price can be attributed to the government’s shift towards (the) electric vehicle.
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“In fact, (the) public is also expected to shift towards electric vehicles as petroleum and diesel prices are skyrocketing.
“The recent Gujarat government decision to incentivise electric vehicle market has also helped the stock to move northward.”
When asked asked about the strategy regarding those who have Greaves Cotton shares in their portfolio, the Senior Research Analyst at SMC, Muidit Goel, said, “Those who hold Greaves Cotton stocks in their portfolio are advised to hold the counter maintaining trailing stop loss at ₹170.
“The counter is facing hurdle at ₹190 and on the breakage of the hurdle there can some further upside movement in the counter.”
Goel also advised fresh buyers to buy Greaves Cotton shares at around ₹160-165 mark.
On Greaves Cotton share price target for fresh buyers, Ravi Singhal from GCL Securities said, “One can buy Greaves Cotton shares at for nine to 12-month target of ₹240 to ₹300. However, fresh buyers are advised to maintain stop loss at ₹144 mark.”
