TVS Motor Company share price touches 52-week high as it enters European market with Emil Frey deal

TVS Motor Company share price rose nearly 2% to touch 52-week high of ₹1,712.70 apiece on the BSE on Friday's session following the news of TVS Motor Company's entry into key European market after an agreement with Emil Frey. TVS Motor said in its exchange filing on Thursday that it has inked a distribution and import agreement with Emil Frey, a renowned automotive distributor that has been in business for a century. TVS Motor Company share price today opened at ₹1,699.95 apiece on the BSE.

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According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, TVS Motor Company stock price witnessed a gap-up opening, but no major traction post opening, the stock is in uptrend and we expect this up-move to continue, however considering the overbought conditions, one should ideally look for dips to buy 1,670 is immediate support whereas 1,740 is immediate resistance.

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“This partnership signifies a significant step towards global expansion for TVS Motor Company, leveraging Emil Frey's extensive distribution network and deep market insights in Europe. TVS Motor Company, known for its commitment to innovation and quality, is set to offer European customers a diverse range of high-performance and technologically advanced two-wheelers,” said the company in an exchange filing. 

Through their sales, marketing, and service networks, Emil Frey Group companies will handle TVS product distribution in a few chosen nations as part of this partnership. Television Systems (TVS) Jupiter 125, NTORQ, Raider, iQube S, TVS X, TVS Ronin, TVS Apache RR 310, and TVS Apache RTR 310 are some of the products that will be offered in Europe.

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Products from TVS Motor are currently available for purchase in more than 80 nations throughout Asia, Africa, and Latin America. As of H1 FY 2023, exports accounted for approximately 25% of the company's revenue, the company said in an exchange filing.

TVS Motor Company's stock price has increased by 7% so far in November, and it has surged by 58% so far in 2023.

Also Read: TVS Motor share price touches 52-week high as Q2 results meet street estimates; here's what brokerages say

TVS Motor Company on 30 October announced its Q2 results and said its net profit grew 32% at ₹537 crore for Q2 FY2023-24, as against ₹408 crore during Q2 of of FY 2022-23.

Apart from this, the firm's operating revenue increased by 13% at ₹8,145 crore in the September quarter of FY 2023-24, compared to ₹7,219 crore in Q2 of last year, it said in an exchange filing.

Also Read: TVS Motor Q2 Results: Net profit up 32% at ₹537 crore, revenue rises 13%

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