TVS Srichakra gains on signing MoU with Tamil Nadu Govt

TVS Srichakra rose 2.51% to Rs 2,083.15 after the company signed a Memorandum of Understanding (MoU) with Tamil Nadu Government for a planned capex program.

TVS Srichakra had planned its capital expenditure program worth Rs 1,000 crore on 8 December 2020. On 16 February 2021, the company signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to facilitate this investment program. The announcement was made after market hours yesterday, 16 February 2021.

The company's consolidated net profit surged 183.6% to Rs 36.25 crore on a 12.4% rise in net sales to Rs 572.70 crore in Q3 FY21 over Q3 FY20.

TVS Srichakra, makers of TVS Eurogrip brand of tyres is one of India's leading manufacturers and exporters of two, three-wheeler tyres and off-highway tyres.

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