On Monday, the shares of TVS Motors hit an all-time remarkable surge of 3.65 percent.
Following a stake sale in TVS Credit, the stock of the two-wheeler manufacturer has witnessed a surge, leading to a new record. As a result, several brokerages have raised their target price for the company's stock. Analysts predict a potential increase of up to 12 percent from the closing price on June 9.
The surge in the stock's value coincides with TVS Motor Company’s subsidiary, TVS Motor (Singapore) Pte Ltd, has agreed to acquire an additional 25 percent stake in Swiss E-Mobility Group (SEMG), Switzerland by way of purchase of shares from the existing shareholders. SEMG is a subsidiary of TVS Motor (Singapore) Pte Ltd.
On Monday, the stock opened trading at Rs. 1,368 per share, surpassing its previous closing price of Rs. 1,336 per share. It continued to rise during the early trading session and reached a record-breaking high of Rs. 1,384.80 per share.
The shares of TVS Motor at 1:41pm IST were at Rs 1,340.95, up by 0.37 percent.
With this acquisition, SEMG is expected to become a wholly owned subsidiary of TVS Motor Company, which had acquired a 75 percent stake in SEMG in January 2022. TVS Motor will pay Rs 180 crore for the remaining 25 percent stake.
SEMG has a close revenue of $100 million and sells branded e-bikes from manufactures to end customers in the B2B and B2C segment with 30 retail stores across Switzerland and Germany .
