TVS Motor can go upto Rs 48-49: Agarwal

Rajesh Agarwal, Eastern Financiers is of the view that maximum TVS Motor can go upto Rs 48-49.

Agarwal told CNBC-TV18, “TVS has been registering decline in sales volume from the last few months, although this month the numbers have been showing a jump of around 10 percent, but still I am very skeptical about this continuing. We have seen that Bajaj Auto and Hero Motcorp taking up market shares. The company has even given a guidance of only 8 percent sales growth for FY13. Going forward the company is looking at aggressive product launches and entering new geographies, but that is going to take time, maybe around 18-24 months. At this point of time around Rs 44 I don’t think that there is much of an upside left. Maximum it can go to around Rs 48-49. So I would suggest hold onto the stock at these levels, around Rs 48-49 cut your losses and get out of this stock.”