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Business News/ Companies / People/  TVS Motor Q1 net surges; declares bonus issue
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TVS Motor Q1 net surges; declares bonus issue

TVS Motor Q1 net surges; declares bonus issue

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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.

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Published: 21 Jul 2010, 02:48 PM IST
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