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TVS Motor rises on results, bonus announcement

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MARKETS-SOUTHASIA-STOCKS/

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.

The counter rose over 10 percent in intra-day trade but pared most of its gains and ended 5.7 percent higher at 128.55 rupees with volumes of 10.5 million shares on the BSE.

The firm’s board on Wednesday recommended a one-one bonus issue sending its shares soaring to a life high of 137.2 rupees.

Shares in TVS have gained over 80 percent so far this year. Do you think it is the right times to invest in this counter?

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