TVS Motor rises on expanding presence in Colombia

TVS Motor Company rose 1.61% to Rs 464.50 after the company said it appointed Autotecnica Colombiana SAS as new distributor in Colombia.

TVS Motor Company on Thursday announced its new distribution partnership with Autotecnica Colombiana SAS (Auteco SAS), a leading motorcycle assembler in Colombia. Auteco SAS will operate 50 dealerships exclusive to TVS Motor Company and create dedicated space for the brand in over 600 retail outlets.

The Colombian firm will support TVS Motor with dedicated sales, service, spares and customer relationship management (CRM). It will also provide the brand with an assembly set-up in Cartagena along with a dedicated training centre.

As a part of this association, TVS Motor Company will introduce new segments among two-wheelers ranging from moped, scooters, motorcycles to premium motorcycles along with three-wheelers. The company said it will focus on creating customised as well as a wide portfolio of mobility solutions for the Colombian market.

Shares of TVS Motor surged 93.46% from its 52-week low of Rs 240.10 hit on 7 April 2020. The company reported a consolidated net loss of Rs 182.79 crore in Q1 June 2020 compared with net profit of Rs 151.24 crore in Q1 June 2019. Net sales slumped 61.3% to Rs 1,939.65 crore in Q1 FY21 compared with Rs 5,018.34 crore in Q1 FY20.

TVS Motor Company is a two and three-wheeler manufacturer and is the flagship company of TVS group.

Powered by Capital Market - Live News