TVS Motor riding high on new launches; stock surges 14% in two-days

TVS Motor Company has surged 6% to Rs 169, extending its previous day’s rally, after the company's market share rose to 12.6% from 12.1% in June quarter, first time in two years.

In past two trading sessions, the stock rallied 14% from Rs 148  on the BSE. The counter has seen a huge trading activity with a combined 1.6 million shares changing hands in first hour of trading on BSE and NSE.

While addressing the company's Annual General Meeting on July 14 Venu Srinivasan, chairman and managing director, TVS Motor Company said the first quarter of the current fiscal was good for the company, which sold 5.6 lakh two-wheelers compared to 4.6 lakh same period of previous year, with a growth of 22%. Domestic sales grew by 19% against 14% growth reported by the industry.

Meanwhile, the company is looking at regaining the third slot in the Indian two wheeler industry from the fourth position now, with the support of a launch pipeline with one vehicle every 3-4 months for the next three years, the Business Standard report suggests.

These launches would help the company to meet its target of capturing 14% market share by end of this fiscal, added report.