TVS Motor Company jumps as its arm to acquire stake in Ion Mobility
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TVS Motor Company is currently trading at Rs. 1018.30, up by 16.55 points or 1.65% from its previous closing of Rs. 1001.75 on the BSE.
The scrip opened at Rs. 1004.00 and has touched a high and low of Rs. 1018.60 and Rs. 999.50 respectively. So far 9416 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1177.00 on 19-Oct-2022 and a 52 week low of Rs. 513.00 on 07-Mar-2022.
Last one week high and low of the scrip stood at Rs. 1059.75 and Rs. 990.05 respectively. The current market cap of the company is Rs. 48119.20 crore.
The promoters holding in the company stood at 50.27%, while Institutions and Non-Institutions held 41.30% and 8.43% respectively.
TVS Motor Company’s wholly owned subsidiary -- TVS Motor (Singapore) has entered into an investment agreement with ION Mobility (ION). The company has entered into an investment agreement with an aim to provide ION the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia.
The partnership is in line with TVS Motor Company’s commitment to build an aspirational product portfolio while associating with sustainable and scalable brands. It also reiterates the company’s strategy to expand its global presence. TVS Motor (Singapore) will subscribe to 3,144,198 Series AA Shares of Ion Mobility. Cost of acquisition is $9,500,000. The investment will enable TVS Motor Company to drive the premium electric ecosystem in South-east Asia.
TVS Motor Company is a reputed two and three-wheeler manufacturer.
