Greaves Cotton has rallied 15% to Rs 94.70 after the company said it has sold its land in Chennai for a consideration of Rs 80 crore.

“The company has sold its land situated at Old Mahabalipuram Road (Rajiv Salai), Chennai, for a consideration of Rs 80 crore," the Brij Mohan Thaper Group firm said in a filing to the stock exchanges.

Earlier, the company's petrol engines unit was located at the above land, which was shifted to Gummidipoondi in the year 2008, it added.

As many as 1.6 million shares have changed hands on the counter so far, as against an average around 200,000 shares that were traded daily in past two weeks on the NSE and BSE.