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Shares of TVS Motor Company added 1.5 percent intraday Monday as company reported strong sales number for the month of February 2018.
The company reported 37 percent growth in its total February 2018 sales numbers increasing from 2,11,470 units in February 2017 to 290,673 units in the month of February 2018.
The company's two-wheeler sales were up 36.2 percent at 2.80 lakh units and three-wheeler sales were up 86.3 percent at 9,731 units.
The export was up 53.2 percent at 58,564 units. Its domestic 2-wheeler sales were up 33.5 percent at 2.30 lakh units. Scooter sales jumped 35.6 percent at 93,573 units and motorcycle sales rose 92 percent at 1.13 lakh.
The broking house Citi has maintained sell call on TVS Motor with a target of Rs 700 per share.
The company's margin expansion may be limited given aggressive price competition in Scooter.
Ntorq launch should aid in volume growth and company could gain market share over next few months, it added.
At 11:11 hrs TVS Motor Company was quoting at Rs 677.15, up Rs 0.35, or 0.05 percent on the BSE.
Posted by Rakesh Patil
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