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Share price of Greaves Cotton touched 52-week high of Rs 159.90, rising 9.5 percent in morning trade as company board approved acquisition of majority stake in Ampere Vehicles.
The board has approved the proposal of investment in Ampere Vehicles by acquiring 67 percent in the first phase and further 13 percent in a span of three years.
This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses, company said in release.
The company to acquire 67 percent stake in Ampere for Rs 77 crore, which to be completed by December 31, 2018, while for another 13 percent stake the company to shell out another Rs 75.5 crore.
One big reason why INR is behaving in this fashion is due to its sensitivity to oil prices which is very high. The market is generally differentiating between the current account deficit and current account surplus nations. In a way, INR is suffering due to current account deficit and its price sensitivity to oil prices.
We expect the INR to head towards 71-72/$ but in the near-term there is a higher likelihood of consolidation at current levels.
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