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.