India’s TVS Motor Company, the flagship of the $8.5 billion TVS Group, said on Thursday it has a new distribution partnership with Active Motors SA for Nicaragua and Costa Rica to expand its business in Central America further.
Active Motors SA, a subsidiary of Grupo Q, will support TVS Motor with dedicated sales, service, spares and customer relationship management (CRM).
Shares of TVS Motor Company rallied 15 per cent in Wednesday's session after the two-wheeler maker posted better-than-expected results for the quarter ended March 2021 (Q4FY21).
The company on Tuesday posted a nearly four-fold increase in its consolidated net profit to Rs 319.19 crore for the fourth quarter of FY21, riding on the back of robust sales in the domestic and international markets.
Shares of TVS Motor Company rallied 10 per cent to hit a fresh 52-week high of Rs 582 on the BSE on Friday after the company posted a strong performance by reporting highest ever revenue and net profit for the quarter ended December 2020 (Q3FY21), on the back of healthy operational performance.
Shares of automobiles companies were in focus at the bourses on Friday ahead of the November month sales numbers, which release next week. The stock market will remain closed on account of Gurunanak Jayanti on Monday, November 30.
At 11:00 am, the S&P BSE Auto index, the top gainer among sectoral indices, was up nearly 2 per cent, as compared to 0.19 per cent decline in the S&P BSE Sensex.
TVS Supply Chain Solutions (TVS SCC), part of the $8.5 billion TVS Group, said that it is focusing on a 90-day plan to combat the national lockdown due to coronavirus. The company also said that it has managed to get six customers during the period.
After announcing the launch of Corona Kavach, a PPE kit, Ravi Vishwanathan, joint managing director, TVS SCC said, the 90-day plan will make sure that as an organisation the company remains agile and stays closer to its customers, ecosystem, pays more attention to its employees so that it will have the ability to bounce back very quickly and be very transparent to its stakeholders.
Shares of TVS Motor Company hit an over four-year low of Rs 279, down 6 per cent, on the BSE on Wednesday on concerns that sales volume in the month of April could decline significantly due to the lockdown until April 14 amid the outbreak of coronavirus (Covid-19) pandemic.
The stock of the company, which primarily makes two-wheelers and three-wheelers, was trading at its lowest level since March 2016.
Engineering and construction giant Larsen & Toubro (L&T) on Monday announced Rs 150 crore donation to the PM-CARES Fund to fight the coronavirus outbreak and said it has set aside over Rs 500 crore per month to support about 1.60 lakh contract workers.
L&T joins a list of other corporates including Tata Group and Reliance Industries who have come forward to offer their support to fight this unprecedented crisis.
Hyundai Motor India and TVS Motor have decided to halt production in line with other automakers because of the coronavirus (Covid-19) pandemic.
Hyundai said that it will be taking the preventive counter-measure of suspending its manufacturing operations at the Chennai facility from March 23, 2020 till further notice to stop the spread of coronavirus (Covid-19) pandemic.
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