TVS Motor dips 3% after 2.6 million shares change hands on BSE
Shares of TVS Motor Company dipped 3 per cent to Rs 1,017 on the BSE in Monday’s intra-day trade on the back of heavy volume.
At 09:15 am, around 2.6 million or 0.55 per cent of the company's equity shares changed hands at the counter on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.
At 09:51 am; TVS Motor traded 2.7 per cent lower at Rs 1,021, as compared to 0.4 per cent decline in the S&P BSE Sensex. In past one month, the stock of 2/3 wheelers company has underperformed the market by falling 9 per cent, as compared to 3 per cent rise in the benchmark index.
In the month of November, TVS Motor registered a 2 per cent year-on-year (YoY) growth in its total sales at 277,123 units, against 272,693 units in the same month last year. The company posted 23.5 per cent month-on-month de-growth in two-wheelers sales at 263,642 units thereby reporting lowest volume for this fiscal year (FY23).
However, TVS iQube Electric registered 10,056 units in November 2022 as against sales of 699 units in November 2021. The company registered sales of 8,103 units in October 2022. Healthy growth in TVS iQube Electric scooters was backed by the strong order books and increasing acceptance towards electric mobility. The scooter continues to delight customers with its technology and intelligent & personalised connected experience, the company said.
Analysts at Prabhudas Lilladher believe TVS will be able to grow ahead of the industry and sustain its momentum, led by new product launches in ICE & EV segments along with its revamped product portfolio, strong exports and premiumisation and margin protection through cost reduction efforts and price hikes.