Greaves Cotton (which is in ten stock screeners including the increasing cash flow screener)  hit a year high today in share price after the company board approved acquisition of majority stake in Ampere Vehicles, which is a leading brand in last mile mobility electric vehicles.

The GC board has approved the proposal of investment in Ampere Vehicles by acquiring 67% of stake in the first phase and an additional 13% in a span of three years. The company would spend Rs 77 crore for the first 67%, expected to be completed by December 31, 2018, while for another 13% stake Greaves Cotton is to shell out another Rs 75.5 crore.

This acquisition is set to accelerate, the company said, the development of clean energy technology solutions for mobility needs of passengers and small businesses, company said in release.