TVS Motor Surges as Brokerages Stay Bullish

TVS Motor Company extended its rally for a second straight session on January 29, soaring 9% to hit a three-week high of ₹2,539. The stock continued its upward momentum after brokerages reiterated their positive outlook despite the company reporting a Q3 profit that missed estimates. While two-wheeler sales grew at their slowest pace in over a year, TVS’s improved operating metrics fueled optimism. On Tuesday, the stock ended 5% higher post-earnings, and analysts remain confident in its long-term prospects. Macquarie maintained an ‘Outperform’ rating with a target price of ₹2,857, citing a modest EBITDA beat driven by stronger gross margins. JP Morgan echoed this optimism, keeping an ‘Overweight’ stance with a target of ₹3,130. Domestic brokerage Nuvama Institutional Equities retained its ‘Buy’ rating, projecting the company’s domestic market share to rise from 17% in FY24 to 18% by FY27, aided by margin expansion and PLI incentives. TVS Motor has steadily gained ground in both domestic and international markets, increasing its domestic two-wheeler share from 15% in FY19 to 17% in FY24. The company’s diverse product lineup—including Jupiter, Ntorq, iQube, and Raider—has driven consistent growth.

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