TVS Motor share price up 33% in last six months; is it still buy-worthy? Experts weigh in
₹1,489.95 against the previous close of ₹1,479.60 and rose over half a per cent to its fresh all-time high of ₹1,489.95. The sock, however, cooled off later and traded 0.15 per cent lower at ₹1,477.40 around 1:50 pm. The stock has been on a bullish run in the last six months, gaining over 33 per cent against a 22 per cent gain in the BSE Auto index and a 10 per cent gain in the equity benchmark Sensex.
Experts are positive about the stock for the long term as they underscore the company's aggressive push toward electric vehicle (EV) mobility. Read more: ‘TVS Motor is investing in a future for EVs over 5-10 yrs’ TVS reported a 4 per cent year-on-year (YoY) growth in August sales. In a statement, it said it sold 3,45,848 units in August 2023 against 3,33,787 units sold in August 2022.
It said TVS iQube Electric recorded the highest sales of 23,887 units in August 2023 against the sales of 4,418 units in the same month last year. The company claimed that the order book for the TVS iQube Electric scooter continues to be healthy. As Mint reported earlier, TVS Motor is all set to dispatch a record volume of more than two lakh scooters, based on its EV platform, in the current financial year.
This launch is strategically aimed at capturing the attention of a new segment of buyers. Starting from August 2023, the company plans on accelerating the production of the existing EV scooter, iQube, by an additional 25,000 units per month. The introduction of novel Electric scooter models will also contribute to the overall EV production growth.
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