TVS Motor Inks Rs 5,000 Crore Deal with Tamil Nadu, Shares Surge 2.72%

8 Jan 2024 , 12:43 PM

TVS Motor Company’s shares gained 1.5% in early trade on January 8 following a contract with the Tamil Nadu government.

At the time of writing, the stock was quoted at Rs 2,033.15, up 2.72%, on the BSE.

The company 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 in Chennai.

TVS Motor Company committed to investing Rs 5,000 crore over the next five years and creating 500 jobs with support from the state.

In December, the company reported a 25% increase in sales, reaching 3,01,898 units compared to 242,012 units in the same period the previous year.

The two-wheeler segment witnessed a growth of 27%, totaling 2,90,064 units, and domestic two-wheeler sales increased by 33% to 214,988 units.

Motorcycle sales rose by 19% from 124,705 units, and scooter sales saw a 34% jump, reaching 103,167 units in December 2023.

The stock’s 52-week high was Rs 2,058.05, and the low was Rs 968 on December 14, 2023, and January 20, 2023, respectively.

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