TVS Motor hits new high

TVS Motor Company has moved higher by 4% to Rs 105, also its record high on the BSE, after two and three-wheeler manufacturer introduced an upgraded variant of its 110cc motorcycle StaR City, the StaR City+, targeted at the mileage conscious customer.

Meanwhile, the stock has rallied 20% in past five trading sessions from Rs 87 on April 28, after reporting strong results for the quarter ended March 2014 led by continued momentum on the exports front, strong growth in scooter sales backed by Jupiter, and a favorable product-mix. The benchmark S&P Sensex declined 1% during the same period.

Analyst at Angel Broking recommends a Buy rating on the stock with a target price of Rs 107.

“We expect the company to continue reporting improvement in its performance going ahead given that its new scooter launch, Jupiter, has been accepted well by the markets and that the slew of product launches that are lined up for FY2015 (Scooty Zest, Star City Plus, Victor, new premium motorcycle and refreshes of Wego and Apache) will likely aid volume growth,” analyst said in a client note.

The stock opened at Rs 101 and hit a low of Rs 99 on the NSE. A combined 5.46 million shares changed hands on the counter till late noon deals on the NSE and BSE.