TVS Motor shares gain on signing Tamil Nadu investment contract

The share touched a 52-week high of Rs 2,058.05 and a 52-week low of Rs 968 on 14 December, 2023 and 20 January, 2023, respectively.

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Shares of TVS Motor Company gained 1.5 percent in the early trade on January 8 after the company entered into a contract with the Tamil Nadu government.

At 9:25am, TVS Motor Company was quoting Rs 2,010.55, up Rs 31.30, or 1.58 percent, on the BSE.

“The company has entered into a Memorandum of Understanding (MoU) with Guidance, the nodal agency of the Government of Tamil Nadu, on January 7, 2024 as part of the Tamil Nadu Global Investors Meet 2024, Chennai,” the company said in an exchange note.

The company will make an investment of Rs 5,000 crore in five years and create jobs for 500 people, backed by facilitation from the state.

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For December, the company recorded 25 percent jump in sales at 3,01,898 units versus 242,012 units a year back. The company’s two-wheelers segment registered a growth of 27 percent to 2,90,064 units and domestic two-wheeler sales jumped 33 percent to 214,988 units.

The motorcycle sales surged 19 percent from 124,705 units and scooter sales jumped 34 percent at 103,167 units in December 2023.

The share touched a 52-week high of Rs 2,058.05 and a 52-week low of Rs 968 on 14 December, 2023 and 20 January, 2023, respectively. Currently, the stock is trading 2.31 percent below its 52-week high and 107.7 percent above its 52-week low.