TVS Motor Shares Hit 52-Week High After European Market Entry

TVS Motor Shares Hit 52-Week High After European Market Entry

VoM News Desk | November 17, 2023 | 12:01 PM IST | Breaking News | Follow on Google News

TVS Motor Shares Hit 52-Week High After European Market Entry

TVS Motor Shares Hit 52-Week High After European Market Entry

TVS Motor Company’s share price saw a near 2% rise, reaching a 52-week high of ₹1,712.70 on the BSE, fueled by the company’s strategic entry into the European market through a partnership with Emil Frey.

Strategic Partnership with Emil Frey

TVS Motor Company announced its distribution and import agreement with Emil Frey, a prominent automotive distributor with a century of experience. This collaboration marks a significant step in TVS Motor Company’s global expansion strategy, particularly into key European markets.

Stock Performance and Market Analysis

The company’s shares opened at ₹1,699.95 on the BSE. Analyst Rajesh Bhosale from Angel One noted that the stock is on an uptrend, recommending buying on dips given the overbought conditions. He identified ₹1,670 as immediate support and ₹1,740 as immediate resistance.

TVS Motor’s Commitment to Innovation and Quality

TVS Motor Company, known for its innovative and quality products, plans to offer a diverse range of high-performance and technologically advanced two-wheelers in the European market, leveraging Emil Frey’s extensive network and market insights.

Product Line-up for European Market

The partnership will see Emil Frey Group companies handling the distribution of TVS products in select European nations. The product line-up includes TVS Jupiter 125, NTORQ, Raider, iQube S, TVS X, TVS Ronin, TVS Apache RR 310, and TVS Apache RTR 310.

Global Presence and Financial Performance

TVS Motor products are available in over 80 countries across Asia, Africa, and Latin America. Exports accounted for about 25% of the company’s revenue as of H1 FY 2023. The company’s stock price has risen by 7% in November and 58% in 2023.

Q2 Financial Results

TVS Motor announced a 32% growth in net profit at ₹537 crore for Q2 FY2023-24, compared to ₹408 crore in Q2 FY 2022-23. Operating revenue also increased by 13% at ₹8,145 crore in the September quarter of FY 2023-24.

VoM News Desk

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