TVS Motor Company launches new products in African market; shares rise

Shares of TVS Motor Company – a two-wheeler and three-wheeler maker – on Monday rose after the company announced the launch of new products in the African market.  

The stock gained more than 1 per cent to touch the day’s high level of Rs 1,055 per share on the BSE intraday today from Friday’s closing price of Rs 1,041.75 apiece. 

TVS Motor Company has announced the launch of seven new products in Ghana, Africa, according to an exchange filing.  

The company introduced an array of exciting products, including the Bebek – TVS Neo NX, three variants of the TVS HLX series (TVS HLX 125, TVS HLX 150 & TVS HLX 150X), the TVS Apache 180, and the three-wheelers TVS King series, as per the regulatory filing. 

TVS Motor Company launched new products in the African market with an aim to expand the company’s reach and explore new opportunities and avenues for growth in the region, it said in a regulatory filing.

In this regard, Rahul Nayak, Vice President, International Business, at TVS Motor Company said, “Our products are engineered specifically to cater to the demands of the African market while delivering superior quality and reliability.” 

TVS Motor ranks amongst the top five two-wheeler companies in the world with a presence in over 80 countries across Africa, South East Asia, the Indian Sub-Continent, Latin America, and the Middle East. 

Jefferies bullish on TVS Motor 

Global brokerage firm Jefferies, earlier last week, maintained a ‘buy’ rating on the TVS Motor with a target price of Rs 1,550 per share, which implies an upside of around Rs 500 or 42 per cent from the current market price. 

The brokerage is bullish on the two-wheeler maker's business, especially in the electric segment. It said, “TVS Motor has risen to second position in electric two-wheelers (E2W) in recent months and the company is turning electrification risk into an opportunity with its market share in E2Ws.” 

TVS Motor share price history

In the last one year, TVS Motor shares have surged more than 73 per cent as compared to a per cent fall in the Nifty50.  

On the contrary, the stock has declined by nearly two per cent against a six per cent drop in the benchmark index year-to-date (YTD). 

The counter has a 52-week high-low range of Rs 1,177 - 589.10 per share on the BSE. 

About TVS Motor Company

TVS Motor Company is a two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities in Hosur, Mysuru, and Nalagarh in India and Karawang in Indonesia. 

The company has a product range in categories like scooters, motorbikes, mopeds, electric two-wheelers, and three-wheelers. Their key products are TVS Jupiter, TVS Apache, iQube among others.  

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