CHENNAI: TVS Motor on Friday became the sixth Indian automobile company to hit more than Rs 1 lakh crore in marketcap. The company’s marketcap reached Rs 1 lakh crore, just behind Eicher Motor‘s Rs 1.1 lakh crore. Maruti Suzuki tops the pile at Rs 3.6 lakh crore and Tata Motors is second at Rs 3.4 lakh crore. Bajaj Auto and M&M at Rs 2.4 and Rs 2.3 lakh crore market cap come in at third and fourth place respectively. TVS Motor shares jumped 2.2% to close at Rs 2128 on the BSE on Friday.
The surge in market cap came on the heels of TVS picking up 28.57% stake in not-for-profit company Indian Foundation for Quality Management. TVS picked up 2.5 crore equity shares of Rs 10 each for a total cash consideration of Rs 25 crore. IFQM will complete the allotment of shares on or before April 15 within 60 days of receipt of subscription amount. The transaction is a related party transaction since Venu Srinivasan, chairman emeritus and MD of TVS, is also a director of IFQM.
The two wheeler major clocked a 68% jump in net profit for Q3 FY24 at Rs 593 crore, up from Rs 353 crore in the year-ago period.
Source Agencies
