TVS Motor, BMW sign co-operation agreement; stock up

MUMBAI: Shares of TVS Motor Company continued to hold on to intraday gains after the company announced that it had signed a co-operation agreement with BMW Motorrad to develop and produce new series of motorcycles.

The cooperation involves the two companies each offering their own vehicle derivatives, which will be sold through their own distribution channels in India and across the globe.

“With BMW Motorrad, we see an ideal long-term strategic partner who shares our core values: focus on quality, engineering prowess, innovation and customer satisfaction. We intend to leverage each other’s strengths to deliver a new series of products offering cutting edge technology for our customers,” said Venu Srinivasan, Chairman, TVS Motor Company.

The tie-up will allow TVS to better compete with Hero MotoCorp LtdBSE 0.00 % and Bajaj Auto LtdBSE 0.48 % and Japanese rivals such as Honda Motor Co in the growing premium segment, said a Reuters report.

At 03:15 p.m.; the stock was at Rs 39.20, up 8.14 per cent, on the BSE. It touched a high of Rs 42.35 and a low of Rs 36.85 in trade today.