Chennai: TVS Motor turned sixth on Friday Indian Automobile Company kill more than Rs 1 lakh crore In marketcap. The market cap of the company crossed Rs 1 lakh crore eicher motorRs 1.1 lakh crore. Maruti Suzuki is at the top with Rs 3.6 lakh crore and Tata Motors is at second place with Rs 3.4 lakh crore. Bajaj Auto and M&M at Rs 2.4 and 2.3 lakh crore market cap Come third and fourth respectively. TVS Motor shares closed 2.2% higher at Rs 2128 on BSE on Friday.
The market cap surge came after TVS bought 28.57% stake in non-profit Indian Foundation for Quality Management. TVS purchased 2.5 crore equity shares of Rs 10 each for a total cash value of Rs 25 crore. IFQM will complete the allotment of shares on or before April 15 within 60 days of receipt of the subscription amount. This transaction is a related party transaction as Venu Srinivasan, Honorary Chairman and MD of TVS, is also a Director of IFQM.
The two-wheeler maker posted a 68% rise in net profit at Rs 593 crore in Q3FY24 from Rs 353 crore in the year-ago period.
