TVS Motor Company’s share price rose nearly 2% to touch a 52-week high ₹1,712.70 apiece in the BSE in Friday’s session following the news of TVS Motor Company’s entry into a key European market following an agreement with Emil Frey. TVS Motor said in its exchange filing on Thursday that it has signed a distribution and import deal with Emil Frey, a renowned automotive distributor that has been in business for a century. The share price of TVS Motor Company today opened at ₹1,699.95 each on the BSE.
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According to Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One, the share price of TVS Motor Company has witnessed a gap opening, but no major pullback opening, the stock is on an upward trend and we expect this upward move to continue, however considering. the overbought conditions, one should ideally look for dips to buy 1,670 is immediate support while 1,740 is immediate resistance.
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“This partnership marks a significant step towards global expansion for TVS Motor Company, leveraging Emil Frey’s extensive distribution network and deep market insights in Europe. TVS Motor Company, known for its commitment to innovation and quality, intends to offer European customers a diverse range of high-performance and technologically advanced two-wheelers,” the company said in an exchange filing.
Through their sales, marketing and service networks, Emil Frey Group companies will handle TVS product distribution in a number of selected nations as part of this partnership. Television Systems (TVS) Jupiter 125, NTORQ, Raider, iQube S, TVS X, TVS Ronin, TVS Apache RR 310, and TVS Apache RTR 310 are some of the products that will be offered in Europe.
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TVS Motor products are currently available for purchase in more than 80 nations across Asia, Africa and Latin America. In H1 FY 2023, exports accounted for about 25% of the company’s revenue, the company said in an exchange filing.
TVS Motor Company’s share price is up 7% year-to-date in November, and it is up 58% year-to-date in 2023.
Also Read: TVS Motor share price touches 52-week high as Q2 results meet street estimates; this is what brokers say
TVS Motor Company on 30 October announced its Q2 results and said its net profit grew by 32% ₹537 crore for Q2 FY2023-24, as against ₹408 crore during Q2 of FY 2022-23.
Apart from that, the company’s operating income increased by 13% at ₹8,145 crore in the September quarter of FY 2023-24, compared to ₹7,219 crore in Q2 last year, it said in an exchange filing.
Also Read: TVS Motor Q2 Results: Net profit up 32% at ₹537 crore, revenue up 13%
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Updated: 17 Nov 2023, 11:50 IST