TVS Motor today achieved a major milestone by becoming the sixth auto company to have a Rs 1 lakh crore market cap. The company’s market cap stood at Rs 1,01,578.38 crore in BSE as of Friday evening.
The stock price rose over 60 percent in the last six months which helped TVS to be part of the league of the Rs 1 lakh crore market cap.
TVS Motor’s stock jumped over 4% to hit its fresh 52-week high of Rs 2,186 on the NSE.
The gains come on the back of a 28.57% stake subscription in the Indian Foundation for Quality Management (IFQM) and strong buying trends in most auto stocks.
TVS Motor has announced its intention to acquire 2.5 crore equity shares valued at Rs 10 each, totalling Rs 25 crore. The allotment of shares by IFQM is slated for completion on or before April 15, 2024, ensuring a timeframe of 60 days from the receipt of the subscription amount, according to the exchange filing.
This investment constitutes a related party transaction and is being conducted at arm’s length. Notably, TVS Motor’s Managing Director, Venu Srinivasan, also serves as a director of IFQM.
Most valued auto firms
While Maruti Suzuki leads as the most valued Indian auto firm with a market capitalisation of Rs 3.6 lakh crore, Tata Motors closely follows with a valuation of Rs 3.4 lakh crore.
Bajaj Auto and Mahindra & Mahindra, hold valuations around 2.3 lakh crore each, while Eicher Motors’ valuation at over Rs 1 lakh crore.
On February 15, TVS Motor reported a delivery volume of 3.19 lakh, an increase of 88.07% in comparison to the five-day average delivery volume.