TVS Plans Engine Making Unit In Karnataka (12-Mar-2010)
With a perspective to setup engine manufacturing plant in Karnataka, TVS Motors and the government officials in Karnataka would hold preliminary discussions on the possibility of setting up an engine manufacturing unit in the state.
Mr. Murugesh R Nirani, Major and Medium Industries Minister of Karnataka said preliminary talks will be held tomorrow on - location, investment and things of that nature.
He said discussions would also be held this month with Mahindra and Mahindra (M&M), which has been invited by the state to establish a tractor manufacturing or any other automobile unit in Belgaum.
Mr. B S Yeddyurappa, Chief Minister of Karnataka said the state is contributing $10 bn to the country’s automobile industry per annum.
Mr. R V Deshpande, President of the Karnataka State Pradesh Congress Committee, and former Major and Medium Industries Minister, has urged the state government to lower taxes on motor vehicles which are presently among the highest in the country.
TVS Motor last month has entered into a memorandum of understanding (MoU) with State Bank of India (SBI) for inventory funding of the automaker''s dealers.
Under the agreement, the funding will be provided by SBI to over 600 dealers of TVS Motor across India in order to enable them to enhance their working capital as well as boost the vehicle stocks, the auto company said in a statement.
TVS Motor closed at Rs.73.7, up by 0.75%.
The stock hit an intraday high of Rs.76 till now, as against the 52-week high of Rs.81.75.The stock hit a low of Rs.73.15 during the day. The stock had hit a 52-week low of Rs.19.3 on March 12, 2009.
The stock opens at Rs.75 at BSE. The total traded volume of the scrip on BSE till now stood at 196770.
Meanwhile today, the BSE Sensex closed lower by -1.34 points, or -0.01% , at 17166.62.
The NSE Nifty is trading up by 3.60 points, or 0.07% , at 5137.
TVS MOTOR has an equity capital of Rs 23.75 crore as of 2009 Dec. The face value per share is Rs 1. At the current price of Rs 73.7, the P/E multiple stood at 56.3326454177177 with book Value of 34.23 and P/BV at 2.15.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 60.45%, Institutional Investors- 16.97%, General Public- 17.13% and other investors- 5.45%.
Considering the current price of Rs. 73.7 at 4:00:00 PM , the stock had underperformed the market over the past one month till 12/03/2010 surged 6.73% as compared to the Sensex''s return of 7.82% and NSE Nifty''s 7.82 % returns.
Considering the current price of Rs. 73.7 at 4:00:00 PM , the stock had outperformed the market over the past one quarter till 12/03/2010 surged 28.85% as compared to the Sensex''s return of 0.4% and NSE Nifty''s 0.4 % returns.
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