Greaves Cotton down 52% from January 2022 highs
Is it a good time to buy?
Shares of Greaves Cotton witnessed an unprecedented rally between April 2020 and January 2022, soaring from rupees 79.40 apiece to an all-time high of rupees 258.90.
However, the stock has since gone through a complete turnaround, falling by approximately 52.44% to rupees 122.70.
Despite the stock being an underperformer, domestic brokerage firm Sharekhan has remained optimistic about the company's long-term prospects. 
The brokerage believes that the company is strategically building up a new business (EVs & retail) for growth and continuing to strengthen its legacy business via the organic route.
During their visit to the electric two-wheeler manufacturing plant at Ranipet (Chennai), the brokerage noted some positive developments.
The brokerage stated that the plant has achieved a manufacturing capacity of five lakh units in two shifts
Currently, EV penetration in India is around 5% and has large room to expand due to cost-effective last-mile transport solution offerings, said the brokerage. 
In light of all growth factors, Sharekhan has retained its "buy" call on the stock with an unchanged target price of rupees 183 apiece
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