New Delhi, Jan. 28 -- Porinju Veliyath's Equity Intelligence India Private Limited has made a significant investment in Greaves Cotton, purchasing 12.52 lakh shares, representing a 0.51 percent stake in the company. The acquisition, executed through a bulk deal on January 27, was made at an average price of Rs.234.63 per share, amounting to a total investment of Rs.29.37 crore. This price reflects an almost 5 percent discount to the company's closing price on January 27.

Following the announcement, Greaves Cotton's stock opened over 3 percent higher on January 28 at Rs.246.30 per share on BSE. It quickly gained momentum, reaching an intraday high of Rs.258.00 per share, representing a rally of approximately 5 percent.

Post today's gain,...