TVS Motor Company rallied 3.61% to Rs 2,168.30 after the company announced that it has acquired 28.57% stake in the Indian Foundation for Quality Management (IFQM) for Rs 2.5 crore.
IFQM is a company incorporated as not for profit company, under Section 8 of the Companies Act, 2013 with the primary objective of being an integrated empowered foundation which would be at the forefront of driving positive change in the Indian industry. IFQM has been incorporated on 6 September 2023 and yet to commence operations.
The investment is in line with the companys commitment to improve the quality of Indian products and services and increase the exports, thereby boosting India's GDP growth and enhance India's global trade share and its image as a quality provider, TVS Motors stated in the press release.
IFQM will complete the allotment of shares on or before 15 April 2024 i.e. within 60 days of receipt of subscription amount, it added.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland.
The companys standalone net profit surged 68% to Rs 593 crore on 26%jump in revenue from operations to Rs 8,245 crore in Q3 FY24 over Q3 FY23.
The counter hit an all time high of Rs 2,185 in todays intraday session.
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