TVS Motor Company rides high after its arm acquires entire stake in Passion Velo
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TVS Motor Company is currently trading at Rs. 653.00, up by 2.95 points or 0.45% from its previous closing of Rs. 650.05 on the BSE.
The scrip opened at Rs. 664.20 and has touched a high and low of Rs. 664.20 and Rs. 651.15 respectively. So far 12291 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 793.45 on 09-Nov-2021 and a 52 week low of Rs. 495.00 on 24-Aug-2021.
Last one week high and low of the scrip stood at Rs. 664.20 and Rs. 635.85 respectively. The current market cap of the company is Rs. 31042.19 crore.
The promoters holding in the company stood at 52.26%, while Institutions and Non-Institutions held 38.32% and 9.42% respectively.
TVS Motor Company’s subsidiary -- Swiss E-Mobility Group (Holding) AG (SEMG) has acquired 100% stake in AlexandRo EdouardO Passion Velo Sarl (Passion Velo), primarily engaged in the sale of e-bikes as well as e-bike accessories across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Moustache and others. Consequent to the above, Passion Velo has become a subsidiary of the company.
This acquisition would help SEMG to geographically expand its network in the western part of Swiss region and strengthen its retail presence. Cost of acquisition is Swiss franc 2.79 million.
TVS Motor Company is a reputed two and three-wheeler manufacturer.
