Speculative Buys Lift Tvs Elec

TVS Electronics scrip hit a 52-week high of Rs 79.40 today during the intra-day trading on sustained buying interest. However, in absence of any concrete reasons the stock fell at the fag end of the day and closed at Rs 75.10, up 10.6 per cent, dealers said.

The stock has witnessed a huge 84 per cent gain in just a week from Rs 45.80 on March 4 to Rs 75.10 today. More than 17 lakh shares changed hands cumulatively on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). "It looks like the interest in the stock is more of a speculative nature," a dealer said.

 

From Rs 27.65 touched on February 21, the stock of the South-based computer peripherals maker has risen 168.35 per cent on sustained buying. The company announced recently that it has tied up with US-based Verifone Inc, a leader in electronic payment solutions, to offer e-payment products to local financial companies.

TVS Electronics is part of the Rs 7,000 crore ($2 billion) corporate giant, TVS Group. Founded in 1986 with an investment of Rs 30 crore, the company now has a turnover of over Rs 223 crore. Being the largest manufacturer of computer peripherals in India, TVS-E has technical collaborations with the Citizen Watch Company, Oki Electric (Japan) and Invertomatic Victron (the Netherlands) to manufacture products designed for India with world class features.

The company is also a partner of Lexmark International for marketing the entire range of Lexmark inkjet and laser printers in India.

It has a sales and service support network with nearly 275 authorised service centres spread throughout the country. Sundaram Clayton holds 59 per cent of stake in the company. The company had recently bagged the ISO 9002 certification and further entrenched its position as a top notch producer in the country.