TVS Motor market cap surpasses ₹1 lakh crore mark, share price hits 52-week high
₹1 lakh crore in market capitalisation on Friday, buoyed by a surge of over 4% in its stock price, which reached a new 52-week high of ₹2,186 on the NSE. These gains were fueled by several factors, including a significant 28.57% stake subscription in the Indian Foundation for Quality Management (IFQM) and robust buying activity observed across most automotive stocks. TVS Motors has announced its intention to acquire 2.5 crore equity shares valued at ₹10 each, totaling ₹25 crore.
The allotment of shares by IFQM is slated for completion on or before April 15, 2024, ensuring a timeframe of 60 days from the receipt of the subscription amount, according to the exchange filing. This investment constitutes a related party transaction and is being conducted at arm's length. Notably, TVS Motor's Managing Director, Venu Srinivasan, also serves as a director of IFQM.
Established on September 6, 2023, IFQM operates as a not-for-profit organization with a mission to become an integrated and empowered foundation. Its primary objective is to foster the adoption of quality values, principles, and practices across various sectors in India. By encouraging organizations to embrace quality-driven approaches in management, IFQM aims to catalyze positive transformations within the industry.
Over the past four consecutive days, the TVS Motor stock has demonstrated a steady upward trend, marking a notable 6.3% increase in returns during this period. TVS Motor stock is currently trading above its respective 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating robust market performance. Furthermore, on February 15, the company recorded a delivery volume of 3.19 lakhs, exhibiting a substantial surge of 88.07% in comparison to
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