India's Greaves Cotton down 10% on repayment request worth 1.24 bln rupees

Greaves Cotton

29/05/2023 09:36

** Shares of Greaves Cotton Ltd  GRVL.NS  fall as much as
9.81% to 133.75 rupees
    ** Ministry Of Heavy Industries alleges the powertrain
solutions provider's arm, Greaves Electric, of purportedly
failing to adhere to phased programme guidelines 
    ** Ministry also has allegedly proposed to deregister
Greaves Electric from FAME India Scheme phase II
    ** GRVL directed to deposit all the incentives claimed with
interest, which is approximately 1.24 bln rupees
    ** FAME India is a scheme used to incentivise adoption of
electric and hybrid vehicles
    ** Trading volume is 5.48 mln shares as of 1:57 p.m. IST,
2.6 times the 30-day avg - Refinitiv data
    ** All five analysts tracking GRVL maintain "buy"; median TP
is 191 rupees
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))