TVS Motor shares swing to 52-week high on foray into European market
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Shares of two-wheeler manufacturer TVS Motor Company Ltd surged as much as 3.6% to hit a 52-week high of ₹1,745 apiece on the BSE on Friday, a day after the company announced its partnership with Switzerland-based Emil Frey Group, to enter the European market.
During the session on Friday, the scrip opened higher at ₹1,699.95, up 0.94% as against the previous closing price of ₹1,684.10. At the time of reporting, the share price of the company was trading 3.5% higher at ₹1,743.10. The company touched a 52-week low of ₹968 on January 20, 2023. During the session on Friday, the company’s market capitalisation stood at ₹82,966.84 crore with 18,297 shares exchanging hands on the BSE as against the two-week average of 0.12 lakh shares. In the year-to-date period, the counter has given 7.64% in return.
According to the two-wheeler and three-wheeler manufacturers, the partnership is part of TVS Motor’s plan for global expansion.
"Emil Frey Group entities will take charge of the distribution of TVS products in selected countries, utilising their Sales, Marketing, and Service networks. Among the TVS products being made available in Europe will be TVS Jupiter 125, TVS NTORQ , TVS Raider, TVS iQube S, TVS X, TVS Ronin, TVS Apache RR 310, and TVS Apache RTR 310,” says the company.
"The two companies plan to use their collaborative efforts to enter into distribution arrangements for select EU markets, prioritising countries with strong two-wheeler demand coupled with existing Emil Frey infrastructure and resources to build the distribution network. France will be the first country for the launch, where an entire suite of TVS Motor products including ICE and EV models will be made available starting January 2024, consequent to this agreement," it adds.
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The company’s products are available in more than 80 countries in Asia, Africa and Latin America. Notably, the company’s exports in Asia, Africa and Latin America accounted for nearly 25% of the company's business in H1 of FY23. In H1 of FY2024, however, the exports by the company tanked by 20.4% year-on-year to 4,36,033 units on account of dwindling geo-political situation and foreign exchange issues, according to the Society of Indian Automobile Manufacturers.
"This strategic alliance with Emil Frey is a crucial step in our global expansion strategy. Europe will be a key market for us, and through this partnership, we aim to bring our cuƫng-edge products closer to European customers. In having a partner like Emil Frey, there is a coming together of two century-old, pedigreed organisations, both driven by shared values of responsible and sustainable mobility and customer service," says Sudarshan Venu, MD, TVS Motor Company.