TVS Srichakra extends gain on ties up with France's Michelin

The stock soared 14% to Rs 1,929, extending its 2% gain in past four trading sessions on the BSE

Shares of TVS Srichakra has soared 14% to Rs 1,929, extending its 2% gain in past four trading sessions on the BSE, after the company said it has entered into an agreement with France-based Michelin for manufacture of certain range of two wheeler tyres under the brand name of Michelin.

In order to meet the growing demand for its 2 wheel (motorcycle and scooter) tyres in India, Michelin has entered into an agreement with TVS Srichakra for setting up a new manufacturing facility within its existing plant at Madurai, the company said in a press release dated June 2, 2015.

The stock has hit a high of Rs 1,930 and a low of Rs 1,701 on the BSE so far. The trading volumes on the counter more than doubled with a combined 26,262 shares changed hands on the BSE and NSE till 1439 hours.