Greaves Cotton advances 10% on heavy volumes; stock nears record high

Shares of Greaves Cotton moved higher by 10 per cent to Rs 166.90 on the BSE in intra-day trade on Thursday on the back of heavy volumes, in an otherwise range-bound market, amid expectations of a strong business outlook.

The stock was trading at its highest level since July 2017. It had hit a record high of Rs 178 on May 4, 2017. The trading volumes on the counter nearly doubled, with a combined around 9.9 million shares having changed hands on the NSE and BSE till 11:22 am. In comparison, the S&P BSE Sensex was down 0.20 per cent at 52,400 points.

In the past one week, the market price of Greaves Cotton has surged 23 per cent after the government