Greaves Cotton Supply Zone Breakout ! Electric Vehicle theme.Price is giving a breakout from a strong resistance / supply zone . Also , we can see the price making higher high's on the hourly timeframe chart. Additionally , the electric vehicle theme can give a good boost to this stock as Govt . has also announced higher subsidies to EV manufacturing business. Through this, the government aims to promote electric vehicle usage in the country (specially the two wheeler sector) . Subsidizing this sector will definitely help the EV adoption and the plans of the government of making India an electric vehicle nation by 2030.
Greaves Cotton is one of the leading diversified engineering companies with presence in Automotive, Non-Automotive, Aftermarket, Retail , Electric mobility solutions & Finance.
In Automotive segment Greaves provides wide range of fuel-agnostic powertrain solutions for Diesel, CNG, Petrol powered 3-wheeled commercial vehicles. The company has ventured into last mile personal mobility segment with Ampere Electric for electric 2 wheelers, smaller electric industrial products and electric 3 wheelers. So , it can be anticipated that Greaves Cotton will gain advantage from the leverage given for manufacturing of Electric Vehicle by the Govt.
