TVS Motor board approves interim dividend of Rs 8/share, fixes record date
TVS Motor has approved an interim dividend of Rs 8 apiece, which is about 800% of the face value, for the year ending March 2024. The dividend payout will cost the company about Rs 380 crore.
The interim dividend declared will be paid to those shareholders, who hold shares in physical form or electronic form and whose names appear in the register of members as on the record date.
The record date to determine the eligibility of shareholders is fixed as March 19. The said dividend will paid within 30 days from the declaration.
Continuing the stellar run of the past year, the shares of TVS Motors rallied 12% so far this year, compared with 2.8% in the Nifty index. In the last year period, TVS Motor shares more than doubled investor wealth.
Brokerage Axis Securities is further bullish on the stock and has it in its basket of top picks for March.
TVS Motor is the third largest two-wheeler company in India with an annual sales of more than 30 lakh units. The company manufactures the largest range of two-wheelers including mopeds, scooters, commuter motorcycles, and premium bikes.
Axis believes TVS to be ahead in introducing a range of EV products ahead of other two-wheeler makers and expects the company's revenue and EBITDA to grow at 17% and 21%, respectively over FY24-26E.
«We like TVS Motor because of its engineering and R&D capabilities, strong domestic retail network, and increasing sales volumes from premium offerings in developed countries (Norton business to be developed in a few years).
Based on the above
