TVS Motor Company rose 1.7% to Rs 83.85 at 10:55 IST on BSE after the company announced a reduction in the prices of its two and three wheelers on account of reduction in excise duty announced on 17 February 2014 by the Government of India.
The announcement was made after market hours on Friday, 21 February 2014.
Meanwhile, the S&P BSE Sensex was down 15.89 points or 0.08% at 20,684.86.
On BSE, so far 77,000 shares were traded in the counter as against average daily volume of 4.63 lakh shares in the past one quarter.
The stock hit a high of Rs 84.30 and a low of Rs 82.30 so far during the day. The stock had hit a 52-week high of Rs 88.20 on 5 February 2014. The stock had hit a 52-week low of Rs 28.10 on 31 July 2013.
The stock had outperformed the market over the past one month till 21 February 2014, surging 14.91% compared with Sensex's 2.59% fall. The scrip had also outperformed the market in past one quarter, galloping 68.09% as against Sensex's 2.33% rise.
The mid-cap company has equity capital of Rs 47.51 crore. Face value per share is Re 1.
Commenting on the development, Mr. J Srinivasan, Vice President - Sales, TVS Motor Company said, "In keeping with TVS Motor Company's tradition of trust and transparency, the benefit of the excise duty reduction has been passed on to the consumers through price reduction ranging between Rs 850 and Rs 3500 on the entire range of two and three wheeler models. Further, we have also worked out a mechanism to support all our channel partners through the transition on so that the benefit of reduction in prices is available to consumers even on the existing trade stock. This is true to TVS's longstanding tradition of standing by our consumers and dealers".
TVS Motor Company's net profit surged 31.2% to Rs 68.80 crore on 12.9% growth in net sales to Rs 2034.71 crore in Q3 December 2013 over Q3 December 2012.
TVS Motor Company is one of the leading two-wheeler manufacturers in India.
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