Shares of engineering firm Greaves Cotton rose after the company announced its entry into multi-brand spare parts business.
Greaves Cotton is one of the leading engineering companies in India with core competencies in diesel/petrol engines, farm equipment and genset.
The engineering major, with a strong presence in the after-market services with a network of over 3,000 outlets spread across the country, will provide a complete range of multi-brand spares across categories like engine, transmission, electrical, rubber parts, lubricants and body parts.
The company, will initially, offer fast-moving vehicle and engine spare parts through its strong retail network. This will be in addition to generic parts. In the next phase even relatively slow- moving parts will also be offered to customers thus becoming a one-stop-shop for most parts requirements irrespective of the brand of 3-wheeler passenger and commercial vehicles, the company said in the press release.
Currently, the size of the spare part markets in India is Rs 3500 crore in the space that Greaves Cotton is addressing.
Shares of the company were seen trading at Rs 145.50, higher by 5.28 per cent on BSE at 2.06 pm IST. It touched an intra-day high of Rs 145.90 during the trade.