Mumbai: India’s No 3 two-wheeler maker, TVS Motor Co, reported a surge in April-June profit riding booming sales on higher demand for motorcycles, and announced a bonus issue of shares, sending its shares soaring.
TVS Motor’s quarterly net more-than-doubled to Rs403.78 million compared with Rs181.2 million in the same period last year. Sales rose to Rs13.7 billion from Rs9.75 billion a year ago.
Total two-wheeler sales of the company grew at 31.4% in the first quarter at 460,000 units compared with 350,000 in the previous year.
The firm’s board on Wednesday also recommended a one-one bonus issue of shares sending its shares soaring to a life high of Rs137.2. Shares later eased to Rs133.75, still up 10% at 1:49 pm.