Share of TVS Motor rose over 2% intra day after the auto firm inked a distribution partnership with a leading motorcycle assembler in Colombia. TVS Motor stock gained 2.40% intra day to Rs 468 against previous close of Rs 457.15 on BSE. TVS Motor Company stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has lost 2.5% in one year and gained 22.33% since the beginning of this year. In 10 years, the stock has risen 491%. Total 0.50 lakh shares changed hands amounting to turnover of Rs 2.30 crore on BSE.
Market cap of the firm stood at Rs 21,697 crore. The stock hit 52-week high of Rs 503 on October 31 , 2019 and 52 week low of Rs 240 on April 7, 2020.
Later, the stock closed 0.10% lower at Rs 456 on BSE.
"TVS Motor Company, a reputed two-wheeler and three-wheeler manufacturer globally, today announced their new distribution partnership with Autotecnica Colombiana SAS (Auteco SAS), a leading motorcycle assembler in Colombia. Autotecnica Colombiana SAS will operate 50 dealerships exclusive to TVS Motor Company and create dedicated space for the brand in over 600 retail outlets. They will support TVS Motor with dedicated sales, service, spares and customer relationship management (CRM). Autotecnica Colombiana SAS will also provide the brand with an assembly set-up in Cartagena along with a dedicated training centre," TVS Motor said.
In Q1, the company reported a standalone net loss of Rs 139.1 crore against profit Rs 142.3 crore for April-June, 2019-20. COVID-19 severely impacted sales of the company.
Revenue on a standalone basis in the period under review declined to Rs 1,434.3 crore from Rs 4,469.8 crore in the year-ago period.
Meanwhile, Sensex and Nifty turned red by the last hour of session and closed lower on Friday, amid weak cues from global markets. Sensex ended 134 points lower at 38,845 and Nifty fell 25 points to 11,490.