TVS Motor stock falls 3% after share sale by a promoter Shares of TVS Motor Company on Monday dropped 3% to `1,017.75 in intra-day trade on the BSE after Srinivasan Trust, one of the promoters, sold 2,569,726 shares of the company for `262 crore in a bulk deal. The shares were sold at `1,020.03 apiece. As of September 30, Srinivasan Trust held 25,69,726 equity shares or 0.54% of the company. TVS Motor shares had touched an intraday low of `1,009.80 apiece in an overall drop of 3.77% during the day. Also Read| Global Markets: European markets stay cautious after China eases pandemic measures He added that the company has also invested in future technology areas and added competent people in digital electronic software because they are fundamental to delivering its strategy on the electric vehicle (EV) side. After the November sales data, the company’s shares were seen volatile. TVS Motor registered a growth of 2% with sales increasing to 277,123 units in November against 272,693 units a year ago. Total two-wheelers registered 2% growth with sales increasing to 263,642 units from 2, 57,863 units. Domestic two-wheeler sales registered a growth of 9% to 191,730 units from 175,940 units a year ago. Motorcycle registered a 4% growth to 145,006 units from 140,097 units. Scooters saw a growth of 12% to 83,679 units from 75,022 units. Its EV journey recorded a milestone in November, recording sale of 10,056 iQube units in a single month backed by strong order books and increasing acceptance towards electric mobility Also read:ICICI Bank shares outperform Nifty50, rally 22% so far in 2022; should you buy, hold or sell? The company’s total exports registered sales of 84,134 units against 96,000 units. Two-wheeler exports stood at 71,912 units against 81,923 units.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.