TVS Motor acquired a stake in the India Foundation for Quality Management for Rs 1.5 crore, it said on Thursday.
The Chennai-based two-wheeler maker’s standalone net profit rose in the third quarter of fiscal 2024, aided by higher sales.
Its profit increased 68% to Rs 593 crore in the quarter ended December, as compared with the Rs 547 crore consensus estimate of analysts tracked by Bloomberg.
Shares of the company rose as much as 4.4% before paring gains to close 2.25% higher, as against a 0.52% advance in the NSE Nifty 50.
The stock has risen 92.94% in 12 months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 70.97, which implied the stock was slightly overbought.
Of the 42 analysts tracking the company, 21 maintain a ‘buy’ rating, 12 recommend a ‘hold’, and nine suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies a downside of 5%.
