TVS Motor zooms on signing pact with BMW Motorrad

TVS Motor Company has zoomed over17% to Rs 42.35 in late noon deals after the two-wheeler manufacturer said that its has signed agreement with BMW Motorrad forces to develop and produce a new series of motorcycles.

“TVS Motor Company and BMW Motorrad have signed a long-term cooperation agreement.  The aim of the cooperation is to join forces to develop and produce a new series of motorcycles that will cater to the segment below 500 cubic centimeters,” TVS Motor said in a press release.

The cooperation agreement involves the two companies each offering their own vehicle derivatives, which will be sold through their own distribution channels in India and across the globe.

"With BMW Motorrad, we see an ideal long-term strategic partner who shares our core values: focus on quality, engineering prowess, innovation and customer satisfaction. We intend to leverage each other’s strengths to deliver a new series of products offering cutting edge technology for our customers" said Venu Srinivasan, Chairman TVS Motor Company.

The stock opened at Rs 37.20 on NSE and has seen a combined 17.72 million shares changing hands on the counter till 1335 hours against an average around 1.2 million shares that were traded daily in past two weeks on NSE and BSE.