TVS Motor Company rose 1% to Rs 504.15 at 10:27 IST on BSE after the company said it entered into an exclusive strategic arrangement with Guatemala-based Masesa for distribution of its two- and three-wheelers in Central America.
The announcement was made after market hours yesterday, 11 May 2017.Meanwhile, the S&P BSE Sensex was down 31.10 points, or 0.10% to 30,219.88.
On the BSE, 20,000 shares were traded in the counter so far, compared with average daily volumes of 99,738 shares in the past one quarter. The stock had hit a high of Rs 505.50 and a low of Rs 498.75 so far during the day. The stock hit a record high of Rs 518.95 on 27 April 2017. The stock hit a 52-week low of Rs 280.30 on 24 June 2016.
The stock had outperformed the market over the past one month till 11 May 2017, rising 5.22% compared with 2.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.44% as against Sensex's 6.76% rise.
The large-cap company has equity capital of Rs 47.51 crore. Face value per share is Re 1.
TVS Motor Company announced its alliance with MASESA (Mayor Servicios Socieda Anonima), a Guatemala-based company that is a leader in the commercialization of motorcycles and Tuk Tuks in the Central American region.
This alliance is in line with the company's plan to expand and strengthen its presence in Central Amica, LATAM, South East Asia and Middle East. In this alliance, MASESA will develop exclusive TVS Motor Company concessionaires in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica.
MASESA currently operates through a network of 500 touch points throughout the region, which are managed by an extraordinary team, who will manage a wide catalog of parts and service centers duly equipped, guaranteeing the adequate support of the brand and making this alliance one of the most important ones of the industry in recent years in the region.
In the first phase of this association, 5 emblematic exhibition and sales rooms will be installed in the region, which will also offer the entire range of spare parts and technical service, in turn the products of TVS Motor Company will be available in the 500 dealers Masesa has throughout Central America.
Net profit of TVS Motor Company declined 6.8% to Rs 126.77 crore on 1.7% rise in net sales to Rs 2844.50 crore in Q4 March 2017 over Q4 March 2016.
TVS Motor Company is a leading two and three-wheeler manufacturer, and is the flagship company of the TVS Group.
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