Stock Market Updates: Bajaj Auto hits all-time high, TVS Motor 52-week high
by mydhanush on 23 November 2023, 5 min read
Summary: Nifty Auto edged higher, pushed up by robust gains from Hero MotoCorp, TVS Motor Company and Bajaj Auto which added over 2-3 percent each.
Auto stocks were on a roll on November 23 with Nifty Auto up half a percent despite Nifty trading flat in the morning session.
Nifty Auto edged higher, pushed up by robust gains from Hero MotoCorp, TVS Motor Company and Bajaj Auto which added over 2-3 percent each.
Shares of TVS Motor Company gained to hit a new 52-week high on November 23, extending a rally for the third day in a row, after the company announced its entry into Vietnam jointly with Minh Long Motors, its distribution partner.
The two and three-wheeler automobile major said that it would offer a range of scooters and underbone motorcycles across multiple price points. The foray gains significance as its second major global entry in two weeks. Last week, TVS announced its entry into Europe starting with France.
TVS Motor will leverage Minh Long Motors’ extensive distribution network and market insights to offer some of the best-in-class two-wheelers in the Vietnamese market,” the company said in an exchange filing on November 22.
“Vietnam is an economy on the rise and mobility and access are key drivers of any economy. By launching our products in Vietnam, TVS Motor gets a chance to play a small part in charting the course of the Vietnamese economy,” J Thangarajan, president-director of PT TVS Motor Company, said at the launch ceremony.
On the other hand, Bajaj Auto share price hit all-time high. The company’s chief executive officer (CEO) Rajiv Bajaj said that it is currently working on a two-wheeler CNG and hopes to launch it in 2025.
In an interview with CNBC-TV18 on November 22, Bajaj said that presently there are no CNG two-wheelers available anywhere in the world.
Speaking more about the two-wheeler industry, he said this space suffers from over-regulations and taxation. “Almost 60 percent of the three-wheeler industry has moved to CNG,” he added.
The CEO also said that the company intends to sell 10,000 units per month and anticipates doubling production and sales of Triumph in the third quarter of the current fiscal at 18,000 units.
The other gainers included Eicher Motors and Bosch.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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