TVS Motor trades higher on buying majority stake in Swiss brand EGO Movement
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TVS Motor is currently trading at Rs. 558.65, up by 13.60 points or 2.50% from its previous closing of Rs. 545.05 on the BSE.
The scrip opened at Rs. 550.00 and has touched a high and low of Rs. 560.65 and Rs. 546.05 respectively. So far 106799 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 665.70 on 27-May-2021 and a 52 week low of Rs. 407.25 on 28-Oct-2020.
Last one week high and low of the scrip stood at Rs. 560.65 and Rs. 538.75 respectively. The current market cap of the company is Rs. 26334.08 crore.
The promoters holding in the company stood at 52.26%, while Institutions and Non-Institutions held 38.22% and 9.52% respectively.
TVS Motor Company has bought a majority stake in Switzerland-based e-bike brand EGO Movement for 16.6 million Swiss francs (around Rs 131 crore) to foray into the personal e-mobility segment. The company through its Singapore Subsidiary TVS Motor (Singapore), is acquiring an 80 per cent stake in the brand with 20 per cent left with the existing company promoters.
The partnership with EGO Movement reaffirms TVS Motor Company's commitment towards electrification and the broader sustainability agenda. The company is building a strategic personal e-mobility ecosystem by scaling unique brands which share its vision of delivering compelling customer experience benchmarks through cutting-edge, aspirational products.
TVS Motor Company is a reputed two and three-wheeler manufacturer.
