TVS Motor Company rose 0.70% to Rs 229.80 at 9:21 IST on BSE after the company said it signed a memorandum of understanding with the Government of Tamil Nadu.
The announcement was made after trading hours yesterday, 10 September 2015.
Meanwhile, the BSE Sensex was up 188.52 points, or 0.74%, to 25,810.69.
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 2.13 lakh shares in the past one quarter.
The stock hit a high of Rs 231.95 and a low of Rs 228.60 so far during the day. The stock hit a record high of Rs 322.30 on 19 January 2015. The stock hit a 52-week low of Rs 200.80 on 16 September 2014.
The stock had outperformed the market over the past one month till 10 September 2015, falling 2.54% compared with 8.82% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 1.87% as against Sensex's 4.54% decline.
The large-cap company has an equity capital of Rs 47.51 crore. Face value per share is Re 1.
Under the Memorandum Of Understanding (MoU), TVS Motor Company will invest Rs 350 crore in its existing two-wheeler and three-wheeler plants in Hosur during the next three years. The investment will be mainly for development of new products and for capacity expansion. This investment reflects TVS Motor Company's continued commitment towards the overall economic development of the State as a responsible corporate citizen. The signing of this MoU is in line with TVS Motor Company's firm belief in the potential of the State in terms of human resources, infrastructure and overall business environment. It will also have a significant beneficial effect on small and medium industries which are directly or indirectly associated with TVS Motor Company in Tamilnadu, the company said in a statement.
Net profit of TVS Motor Company rose 24.82% to Rs 90.27 crore on 14.47% rise in net sales to Rs 2590.73 crore in Q1 June 2015 over Q1 June 2014.
TVS Motor Company manufactures motorcycles, scooters, mopeds and auto rickshaws.
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