Greaves Up On Good Results

Mumbai, May 30: | Updated: May 31 2002, 05:30am hrs
Share price of Greaves Ltd witnessed a surge of 19.35 per cent on Thursday on account of better than expected results for the quarter ended March 31, 2002. Dealers said that the stock hit the maximum permissible level of 20 per cent during mid-day trades due to good earning numbers.

On The Stock Exchange, Mumbai (BSE), the stock closed up at Rs 7.40 on volumes of 10,697 shares. The stock opened at Rs 6.95, hit a low of Rs 6.90 and touched an intra-day high of Rs 7.40.

Said a dealer: Reports that Greaves is restructuring its operations and also, their impressive fourth quarter results has encouraged investors to pick up Greaves shares.

Greaves in the business of engines and industrial products has been referred to the Board of Industrial Finance Reconstruction (BIFR) due to the heavy losses that the company has incurred.

Said an analyst: Greaves is in a restructuring mode. Last year, the company stopped operations of the loss-making Rajasthan Polymers and Resins Ltd, which was merged with it in 1998-99.

The analyst further added that Greaves recently offloaded its entire stake to its Italian partner, SAME Deutz-Fahr group in SAME Greaves and SAME Greaves Tractors. Greaves had about 49 per cent stake in SAME Greaves and 50 per cent stake in SAME Greaves Tractors.