TVSMOTOR

Corrects market share to about 0.5% from about 5% in paragraph 4 after company clarification

By Meenakshi Maidas and Yagnoseni Das

Sept 30 (Reuters) - Simple Energy, an Indian electric two-wheeler manufacturer that plans to go public next year, is aiming for a 19-fold jump in retail presence by 2029 as it accelerates expansion in northern India to compete with industry giants, a top executive said.

Bengaluru-headquartered Simple Energy, founded in 2019, opened its first showroom last year and now operates 53 outlets across the country.

In the next three to four years, Simple will be in a hyper-growth phase, essentially to break into the top three, Founder and CEO Suhas Rajkumar told Reuters.

The company currently holds about a 0.5% share of India's EV two-wheeler market, competing with established players such as TVS Motor TVSM.NS, Bajaj Auto BAJA.NS, Ola Electric OLAE.NS, and Ather Energy ATHR.NS.

Scooters make up roughly one-third of India's two-wheeler market and dominate the EV segment, accounting for the majority of the sales.

Simple Energy said in mid-September that it has developed an in-house motor free of heavy rare-earth elements, a move aimed at insulating itself from supply chain disruptions following China's export curbs, which rattled the global auto industry and left manufacturers scrambling for alternative technologies.

Local peer Ola also ramped up its programme to make their own rare-earths-free motors in April in response to global supply constraints, and plans to roll them out in the December quarter.

Simple Energy will keep the motor tech exclusive for now, but may open it to other players within a year if supply chain pressures persist, Rajkumar said.

The company plans to launch an IPO in the second or third quarter of fiscal 2027, aiming to raise $350 million, largely through a fresh issue. The proceeds will be earmarked for retail expansion, research and development, and marketing.

A small portion of the IPO will be an offer for sale, although specific details remain undisclosed. So far, the company has raised $51 million from marquee investors to fuel its growth.

Simple, which sells the 'Simple One' and 'Simple OneS', has sold 5,027 vehicles, as of September 29, according to government data, after facing early delivery hiccups.

(Reporting by Meenakshi Maidas and Yagnoseni Das in Bengaluru; Editing by Sherry Jacob-Phillips)

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Sept 17 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - LAUNCHES TVS KING DELUXE PLUS CNG IN TANZANIA

Source text: ID:nBSE957gYM

Further company coverage: TVSM.NS

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Sept 15 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• SIAM - INDIA'S AUGUST 2-WHEELER SALES 18,33,921 UNITS

• SIAM - INDIA'S AUGUST 3-WHEELER SALES 75,759 UNITS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S AUGUST TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,21,840 UNITS

Source text: [ID:]

Further company coverage: ASOK.NS

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Updates shares in paragraph 2, adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted so far:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

"While it is anticipated that there will be lowering of the premiums due to lowering of the taxes, we are yet to understand the extent of this reduction as this will also depend upon availability of the input tax credit, which will become clearer over the coming days."

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector. Making vehicles more affordable, particularly in the entry-level segment, these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"The 56th GST Council meeting marks a watershed moment for India's automobile retail industry. This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival by lifting consumption and supporting allied sectors.

"Our categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts come at the right time which is just ahead of the festive season and against the backdrop of U.S. tariff tiffs. Lower taxes on essentials, FMCG products, autos and cement will leave consumers with more money in hand.

"This should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings. It also carries the potential to ease inflation. The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality, with rate reductions on essentials like dairy, medicines, and food directly benefiting consumers due to their inelastic nature.

"Combined with RBI rate cuts, FY26 income tax rebates, and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"The GST tax cuts are a major move by the government to further turbocharge growth. For our industry especially, it’s a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials, and enhances global competitiveness. As a key input for infrastructure and housing, fairer taxation is expected to boost consumption and support projects from affordable housing to large-scale infrastructure."

NITIN RAO, CEO, INCRED WEALTH

"History has shown that such measures add significantly to GDP growth and a repeat is expected.

"Positive this will play out, though a small concern remains wherein recent measures like the rate cuts + budgetary measures taken on reduced taxes have not created necessary consumption boosters. We will have to wait and see if this welcome third step reverses the consumption trend or there is a deeper problem around availability of money with consumers."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"This coupled with certain process reforms is also positive for SMEs (small and medium enterprises). While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs (non-bank financial companies)."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs (micro, small and medium enterprises), and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine.

"Timely implementation of these reforms ahead of the upcoming festival season will surely give a huge boost to consumption across categories, widen market access, and accelerate our collective journey towards a Viksit Bharat."

SHEETAL ARORA, CEO, MANKIND PHARMA

"The GST revisions go beyond tax rationalization, they represent a structural shift in how India is enabling healthcare access. By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signaled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The recent GST rationalization reflects the government’s commitment to India’s clean energy transition. The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets. It also sends a strong signal to investors, improving the financial viability and attractiveness of the renewable energy sector."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Sept 1 (Reuters) - India's Mahindra & Mahindra MAHM.NS reported its first sales decline over three years in August as the Scorpio SUV maker said it moderated dispatches to dealers as it awaits a government decision on lower consumption tax.

Its SUV sales fell 9% last month, but are still up 15% so far in the fiscal year to March 2026.

Analysts at Nomura said automotive dealers stocked up conservatively for August ahead of the key tax cut decision, so as not to hold on to higher-cost inventory. Buyers are delaying festive season purchases as they expect lower prices.

India's goods and services tax (GST) council is due to meet later this week to discuss the most significant overhaul of the tax system since its launch, after Prime Minister Narendra Modi announced the proposal last month.

Despite the drop in August, Mahindra has defied a wider industry slowdown in the world's third-largest car market, backed by strong demand for its newer SUVs and EVs.

Market leader Maruti Suzuki MRTI.NS and rivals Hyundai India HYUN.NS and Tata Motors TAMO.NS are yet to report their monthly sales numbers.

(Reporting by Urvi Dugar, additional reporting by Mridula Kumar; Editing by Sonia Cheema)

(([email protected];))

By Aditi Shah, India Autos Correspondent

[email protected]

Greetings from New Delhi!

It’s been a volatile week with Indian Prime Minister Narendra Modi’s administration trading barbs with U.S. President Donald Trump who is unleashing his tariff fury on the world’s fifth-largest economy.

Trump, who had proposed a 25% tariff on goods from India, has repeatedly threatened to raise rates further over New Delhi’s continued purchase of Russian oil – an attack that Modi’s administration has said is "unjustified".

The stand-off with India, the world’s third-largest car market, comes amid a flurry of trade deals Trump has already agreed with large auto manufacturing nations like Japan and the EU, and most recently South Korea – all of whom will pay 15% tariff on exports to the U.S.

Which brings us to today’s Auto File…

US sets 15% tariff on South Korean imports

Renault’s new CEO has his work cut out

Tesla’s $29 billion share award to Musk

Trump's tariff trade-offs and wars

The U.S. has said it will charge a 15% tariff on imports from South Korea, down from a threatened 25%, as part of a deal that eases tensions with a key Asian ally and trading partner. South Korea, however, will allow American products, including autos, into its markets and impose no import duties on them.

The lower tariff, however, comes with some stringent riders -- an investment of $350 billion by Seoul in the United States in projects selected by Trump and purchase of energy products worth $100 billion. The investment is expected to go towards a shipbuilding partnership, as well as chips, batteries, and biotechnology.

It is therefore no coincidence that days before the trade deal was agreed, Samsung Electronics inked a $16.5 billion chip deal with Tesla and LG Energy Solution also signed a $4.3 billion deal with the EV giant for energy storage system batteries.

Meanwhile, Trump is putting pressure on India to cease oil imports from Russia or face a higher tariff.

While India does not export cars to the U.S., a major impact of higher tariffs will be on $6 billion of auto components it ships to all major automakers including the Detroit Big Three as well as Tesla.

This could become a serious disadvantage for India, which wants to play a bigger part in the global supply chain as companies derisk their manufacturing presence in China, and especially as Trump’s proposed duties on rival manufacturing nations like Thailand and Vietnam are around 20% - giving them an edge over India.

Essential reading:

Nissan’s new CEO Ivan Espinosa grabs hold of multiple lifelines

Tata's deal with Iveco turns attention to its past M&A deals

Tesla's brand loyalty collapsed after Musk backed Trump

Stakes are high for Renault's low-profile, insider CEO

Little-known to those outside Renault, the French carmaker's newly appointed CEO, Francois Provost, is not new to the carmaker's challenges. He spearheaded Renault's previous transformation plan unveiled in 2022 by former CEO Luca De Meo and has now been tasked with steering the French carmaker through growing competition and weak demand.

So, what are some of Provost’s biggest challenges?

While Renault’s major focus on Europe and absence from the U.S. market has largely insulated it from Trump’s trade turmoil, it has also made it more vulnerable to the region’s sluggish growth and growing competition from Chinese brands. It therefore needs to find new and major growth markets.

Renault’s relatively small size – it is at 15th place in global car sales – makes it a challenge for the French carmaker to find money to invest in new technologies like electrification and autonomous vehicles. This has forced it to form partnerships with China’s Geely and Volvo Group, raising concerns among unions that the company could lose its in-house know-how and its independence.

One of his top priorities will be to get Renault’s credit rating back to investment grade to attract new investors, while also boosting its market cap. The French carmaker needs all the money it can find to grow its global footprint and invest in technologies.

Musk’s $29 billion award

Tesla has given its CEO Elon Musk shares worth about $29 billion as a “good faith” payment aimed at keeping the billionaire entrepreneur at the helm during a crucial pivot from its struggling core auto business to robotaxis and humanoid robots.

The payment is to honor Musk's more than $50 billion pay package from 2018 that was struck down by a Delaware court last year.

The move is mainly meant to keep Musk focused on the electric-vehicle maker and is also a move to quell any speculation that the board's patience with him could be wearing thin because of the recent tumultuous months, including the CEO's foray into politics, which dented his and Tesla’s image and hit sales.

Sales have been falling at the company due to its aging vehicle line-up, tough competition and Musk's right-wing political stances that have tarnished its brand.

This has been validated by S&P Global Mobility that shared data exclusively with Reuters showing how Tesla's brand loyalty had plunged at the fastest-rate ever since Musk endorsed Trump last summer. It has recovered as of May to a similar level as Toyota.

Tata’s risky bet on Iveco

In one of its largest ever acquisitions, Indian automaker Tata Motors agreed to buy Iveco’s trucks and bus business in a deal worth $4.5 billion. Its last major deal was when it bought British luxury car unit Jaguar Land Rover from Ford in 2008 for $2.3 billion.

Tata sees this as a once-in-a-lifetime kind of deal which will give its trucks access to new markets like Europe and Latin America where Iveco has a strong presence, and to its technologies like electrification.

Analysts, however, are sounding alarm bells and investors have pushed Tata’s stock lower over concerns on the amount of debt it will need to take. Jeffries, in a note, called the acquisition “a risky detour” for Tata whereas other brokerage firms say this is a distraction at a time when its domestic car sales are stalling and Jaguar Land Rover faces risks from Trump’s tariffs and Chinese competition.

Tata says the deal will immediately triple Tata's commercial vehicles revenue to 22 billion euros and its “frugal engineering skills” will help bring down high costs at Iveco’s factories.

Fast laps

Thailand has adjusted its EV policy to boost exports amid tepid domestic demand. The changes allow carmakers to count exports as part of their EV production targets eligible for government incentives. This comes amid slowing demand at home and intense competition as Chinese brands flood the market.

India’s Eicher Motors, maker of the Royal Enfield motorbikes, reported that a shortage of rare earth magnets has disrupted some production in the April-June quarter. The company said even as it has started working on magnets using alternate materials, production of some of its performance motorcycles have been impacted.

Meanwhile, India’s top electric scooter maker, TVS Motor, has said it is seeking alternative sources to rare earth magnets from China. It is working on several solutions including ferrite-based magnets and those that do not need heavy rare earths.

(Editing by Alexandra Hudson)

** Shares of 2W makers TVS Motor TVSM.NS and Eicher Motors EICH.NS rise as much as 2.9% to 2,884.1 rupees and 3.7% to 5,670 rupees, respectively

** Both beat Q1 profit view on higher demand

** Jefferies says TVSM market share at 22-yr high; marks as preferred stock

** Adds, EICH's marketing and product push drove volume growth and eased margin concerns

** Premiumisation drives TVS growth, expect 7% volume CAGR during FY25-27 - Asian Market Securities

** Morgan Stanley likes EICH's "growth-focused strategy" as it pursues volume over margins

** Investec says TVSM's strong ICE franchise, margin expansion offsets EV margin drag, projecting 18% EPS CAGR over FY25–28

** Adds, EICH's EBITDA to grow in FY27, but cuts rev estimate ~1% for FY26–28 on slightly lower volume growth

** Average rating for EICH is "hold", TVSM is "buy"; median PT for EICH is 5,703 rupees, TVSM is 2,907.5 rupees - data compiled by LSEG

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

July 31 (Reuters) - Indian automaker TVS Motor Company TVSM.NS reported a better-than-expected first-quarter profit on Thursday, lifted by strong domestic demand for its two-wheelers and steady growth in overseas shipments.

The "Jupiter" scooter maker's profit jumped 34.9% to 7.79 billion rupees ($88.92 million) in the quarter ending June 30, beating analysts' estimate of 7.63 billion rupees, per data compiled by LSEG.

Two-wheeler retail registrations in India rose 5% in the quarter on upbeat demand, an industry body said earlier in July.

Overall, two-wheeler sales at TVS Motor rose 17% to about 1.2 million units in the June quarter, fuelled by a rising share of premium models, such as the Apache series, which account for roughly 25% of total revenues.

Analysts attribute this to a "richer product mix," where high-margin offerings like high‑cc bikes and scooters have gained traction over entry-level models.

This shift helped push core earnings higher, with operating EBITDA margin expanding to 12.5% in the first quarter, up from 11.5% a year earlier, driven by strong growth in scooter and bike sales.

Electric vehicle sales surged 35%, while exports, which make up nearly a fourth of the company's overall revenue, grew 39% in the reported quarter.

Revenue from operations rose 20.4% to 100.81 billion rupees, above analysts' estimate of 99.36 billion rupees.

Total expenses climbed 18.8%, driven by a 16.9% increase in cost of materials consumed.

Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS are yet to report results for the quarter.

Separately, the company said it will raise funds worth up to 5 billion rupees by issuing non-convertible debentures on a private placement basis.

($1 = 87.6060 Indian rupees)

(Reporting by Meenakshi Maidas and Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee and Janane Venkatraman)

(([email protected]; +91 8921483410;))

July 25 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - TO CONSIDER ISSUE OF NON-CONVERTIBLE DEBENTURES ON PRIVATE PLACEMENT

Source text: ID:nBSE7yqwWQ

Further company coverage: TVSM.NS

(([email protected];))

July 7 (Reuters) -

• INDIA AUTODEALERS BODY FADA: CAUTIOUSLY OPTIMISTIC VIEW FOR NEAR TERM

• INDIA'S FADA: RARE-EARTH SHORTAGES, GEOPOLITICAL TENSIONS & US-TARIFF SPILL-OVERS DEMAND VIGILANCE

• INDIA'S FADA: CHALLENGES IN SECURING RARE-EARTH MATERIALS STALLED COMPONENT PRODUCTION

• INDIA'S FADA: IN NEAR TERM, ABOVE-NORMAL MONSOON RAINS SHOULD BOLSTER RURAL DEMAND

• INDIA AUTODEALERS BODY FADA: JUNE PASSENGER VEHICLE RETAIL SALES ROSE 4.84 % Y/Y

• INDIA AUTODEALERS BODY FADA: JUNE TWO-WHEELERS RETAIL SALES UP 4.73% Y/Y

• INDIA AUTODEALERS BODY FADA: JUNE COMMERICAL VEHICLE RETAIL SALES ROSE 6.60% Y/Y

• INDIA'S FADA: AS WE ENTER JULY 2025, DEALER SENTIMENT APPEARS TILTED TOWARDS SLOWDOWN

(([email protected];;))

TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR ANNOUNCES SUDARSHAN VENU AS CHAIRMAN OF THE COMPANY EFFECTIVE AUGUST 25, 2025

• TVS MOTOR COMPANY LTD - SIR RALF SPETH TO STEP DOWN AS CHAIRMAN ON AUGUST 22, 2025

Source text: ID:nBw2Mr7vwa

Further company coverage: TVSM.NS

** Shares of automaker TVS Motor Company TVSM.NS rise as much as 3% to 2,752 rupees

** Stock fourth-biggest gainer on Nifty auto index .NIFTYAUTO, which is up 1%

** TVSM says its April sales have risen 16% Y/Y to 443,896 units

** On Monday, co reported a Q4 profit beat

** Jefferies says co's wholesales growth was better than brokerage's estimates; calls stock its preferred buy along with Mahindra and Mahindra MAHM.NS, Eicher Motors EICH.NS and Maruti Suzuki India MRTI.NS

** Avg rating of 34 analysts equivalent of "buy", median PT is 2,857.50 rupees - data compiled by LSEG

** Stock last up 1.7%, pushing YTD gains to ~15%

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

May 1 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• SALES GROWTH OF 16% IN APRIL 2025

Source text: ID:nBSE5LxkqV

Further company coverage: TVSM.NS

(([email protected];))

** TVS Motor Company TVSM.NS beat Q4 profit estimate on Monday, led by steady demand for its two-wheelers and continued exports growth

** However, shares fall 4% as analysts raise concerns over expensive valuation, slowing industry growth

** TVSM rated "buy" on avg; median PT is 2,704.5 rupees, per data compiled by LSEG

DECELERATING INDUSTRY GROWTH, EXPENSIVE VALUATIONS

** JP Morgan ("neutral", PT: 2,925): Downgrades to "neutral" from "overweight" as brokerage expects deceleration in earnings growth trajectory due to slowing two-wheeler industry growth, concerns over margin expansion pace

** Kotak ("reduce", PT: 2,400): Despite baking in margin improvement and market share gain, valuations remain expensive at 41x FY26 standalone earnings

** Jefferies ("buy", PT: 3,300): Two-wheeler demand softened in recent months, but we still expect healthy 10% CAGR over FY25-FY28

** Says, "TVSM's valuation appears rich, but we believe multiples can sustain on strong growth and improving franchise"

(Reporting by Vivek Kumar M)

(([email protected];))

April 28 (Reuters) - Indian automaker TVS Motor Company TVSM.NS reported a better-than-expected fourth-quarter profit on Monday, led by steady demand for its two-wheelers and continued growth in exports.

Profit rose 75.5% to 8.52 billion rupees ($100.2 million) in the quarter ending March 31, beating analysts' estimate of 7.47 billion rupees, per data compiled by LSEG.

Total two-wheeler sales of TVS grew 14% year-over-year in the third quarter, with motorcycles making up 47.8% of those sales.

Sales in India rose in the quarter, supported by new model launches and festival sales during Navratri, Gudi Padwa and Eid, the Federation of Automobile Dealers Association said in early April.

Exports, which make up nearly a fourth of the company's overall revenue, according to its latest annual report grew 31% in the reported quarter.

The company's earnings before interest, taxes, depreciation and amortization margin rose to 12.5% from 11.3% last year, helped by sale of more profitable vehicles, analysts noted.

Revenue from operations increased 16.9% to 95.5 billion rupees in the quarter, edging past analysts' estimates of 94.04 billion rupees for the company that also makes 'iQube' series of electric vehicles.

The 'Jupiter' scooter maker's total expenses grew 13.2%, led by a 13.8% growth in cost of materials consumed.

Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS are yet to report quarterly results.

Shares of TVS Motor rose as much as 4.1% after reporting results, before closing up at 2%.

($1 = 85.0300 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected]; +91 8921483410;))

By Aditi Shah

NEW DELHI, April 24 (Reuters) - India's capital New Delhi plans to limit gasoline and diesel-powered cars a family can buy as well as ban sales of fuel-guzzling motorbikes and scooters, according to a draft policy aimed at cleaning up one of the world's most polluted cities.

The measures represent one of the most drastic steps the city has lined up to tackle pollution, which often forces local authorities to ban some construction, shut schools and disrupt flights in the city of more than 30 million people during the winter season.

Under Delhi's new electric vehicle policy, the city government will also waive some local taxes on the purchase of hybrids, putting them on par with concessions given to EVs, while imposing a new levy of 0.5 rupees ($0.0059) on every litre of petrol sales, according to the 74-page draft seen by Reuters.

The primary objective "is to unlock the next phase of EV adoption, reduce air pollution and contribute to India's energy independence and net-zero targets," the draft stated.

Every year ahead of the onset of winter in Delhi, calm winds and low temperatures trap pollutants from sources including vehicles, industries and crop residue burning in nearby fields, raising the level of harmful toxins in the air.

Delhi launched the first phase of its EV policy in 2020 which helped boost the share of electric models to 12% of all new vehicle sales, including motorbikes and cars, in 2024.

Under the second phase, the policy document says, no new sales of gasoline, diesel and gas-based two-wheelers will be allowed from April 1, 2027. It is also providing a cash incentive of up to $350 on the purchase of electric bikes and scooters.

Officials at Delhi's transport ministry and the chief minister's office did not immediately respond to an email seeking comment.

LIFELINE FOR RESIDENTS

Two-wheelers are a lifeline for millions of Delhi residents, and the move could significantly impact Delhi's lower- and middle-income groups who depend on them, and not cars, to navigate the city's often congested roads.

In 2024, nearly 450,000 new two-wheeler scooters and motorbikes were sold in Delhi. There were 8 million vehicles on Delhi's roads in 2022-23, of which 67% were two-wheelers, according to central government figures.

A ban on the sale of fossil fuel two-wheelers from 2027 will hurt manufacturers such as Bajaj Motors BAJA.NS, TVS TVSM.NS and Hero MotoCorp HROM.NS, although some of the negative impact may be offset by increased sales of their electric two-wheelers.

And in a move aimed at the more affluent population, the policy is also set to limit the number of fossil fuel cars each household can purchase to two, as it aims for a 30% EV penetration by 2030, from around 2.7% last year.

"All private car owners in Delhi will be required to purchase only electric cars if they intend to own (a) third or subsequent car registered to the same residential address," the document stated.

The policy, which is expected to cost the Delhi government 28.6 billion rupees, is subject to change based on feedback from car makers and other stakeholders. It was not immediately clear when the policy will be finalised or how it will be funded.

The city government is also planning some tax waivers for hybrid vehicles to match the concessions to those given for EVs, potentially lowering their cost by up to 15%.

The move is in line with a similar move made by neighbouring state Uttar Pradesh. They are considered a win for the likes of Toyota Motor 7203.T and Maruti Suzuki MRTI.NS, but a setback for homegrown Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS who focus on EVs.

($1 = 85.3350 Indian rupees)

(Reporting by Aditi Shah; Editing by Muralikumar Anantharaman)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

** Shares of India's TVS Motor Company TVSM.NS turn positive, last up ~1%

** Stock was down 0.6% before reporting March sales numbers

** Motorcycle maker reports 14% Y/Y jump in total 2-wheeler sales for March

** Royal Enfield-maker Eicher Motors EICH.NS also reported a 34% Y/Y jump in total motorcycle sales in March

** Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS yet to report monthly sales numbers

** Analysts rate TVSM, BAJA and HROM at "buy", EICH rated "hold" - data compiled by LSEG

** TVSM, EICH only bike makers to record YTD gains, up 2.3% and 9.5%, respectively

** Both BAJA and HROM down 9.5% YTD

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - UNIT ACQUIRES ADDITIONAL 30% STAKE IN EBCO FOR GBP 60,000

Source text: ID:nBSE3rJDVK

Further company coverage: TVSM.NS

March 25 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - UNIT TO ACQUIRE ADDITIONAL 8.26% STAKE IN GO CORPORATION

• TVS MOTOR COMPANY LTD - ACQUISITION CONSIDERATION IS CHF 500,000

Source text: ID:nBSE9t6HkT

Further company coverage: TVSM.NS

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March 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FEB 2-WHEELER SALES 13,84,605 UNITS - INDUSTRY BODY

• INDIA'S FEB 3-WHEELER SALES 57,788 UNITS - INDUSTRY BODY

• INDIA'S FEB TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,77,689 UNITS - INDUSTRY BODY

• INDIA AUTO INDUSTRY BODY: UPCOMING FESTIVITIES OF HOLI, UGADI IN MARCH LIKELY TO CONTINUE TO DRIVE DEMAND

Further company coverage: ASOK.NS

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March 11 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - IFQM SHAREHOLDING REDUCED TO 18.18%

• TVS MOTOR COMPANY LTD - IFQM CEASES TO BE ASSOCIATE OF TVS MOTOR

Source text: ID:nBSE8nKG9r

Further company coverage: TVSM.NS

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March 3 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• BEGINS DISPATCHING OBD-2B COMPLIANT VEHICLES STARTING WITH THE TVS JUPITER 110

• TO COMPLETE OBD-2B TRANSITION BY END OF MARCH 2025

Source text: ID:nBSE1sjQRW

Further company coverage: TVSM.NS

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Feb 28 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TAX ORDER DEMANDS 44.5 MILLION RUPEES,

• TAX ORDER DEMANDS 21.1 MILLION RUPEES

Source text: ID:nBSEc83Q40

Further company coverage: TVSM.NS

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Feb 11 (Reuters) - Shares of Eicher Motors EICH.NS dropped nearly 7% on Tuesday as the Royal Enfield motorcycle maker's heavy spending on new launches hurt profit margins, with analysts expecting the company's focus on growth to keep the pressure on profitability.

The stock was set for its biggest one-day decline since July 2023 and was the biggest drag on auto stocks .NIFTYAUTO. At least six of the 34 brokerages covering the company lowered their rating on the stock, according to LSEG data.

Eicher's core profit margins missed analysts' expectations on Monday due to higher sales of lower-margin motorcycles such as the 'Meteor 350', heavy spending on new models like the e-bike "Flying Flea", and increased costs, including on promotions in a quarter that included the major Diwali and Christmas festivals.

Elara Securities analyst Jay Kale said though vehicle sales hit an all-time high in the quarter, with growth beating those of rivals, the company's gross profit per vehicle was at a six-quarter low. Kale rates the stock "sell".

Morgan Stanley analyst Binay Singh, who rates the stock "underweight", doesn't expect margins to grow soon.

"Growth over margins is the right strategy, in our view. But with the stock pricing in high growth and high margins, achieving both will be tough."

Eicher's stock has outperformed those of its key rivals, Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, over the past year. Its price-to-forward earnings ratio of 29.3 is sandwiched between TVS's 38 and Bajaj's 26.

However, while six analysts cut their price targets on Eicher's stock, at least 17, or half of all brokerages, raised their targets, factoring in higher core profit from the company's commercial vehicles joint venture with Volvo.

Analysts' median 12-month target is now 5,409.50 rupees on the stock, implying a 6% upside to the current price of about 5,102 rupees, per LSEG data.

Their average rating is "hold" on Eicher, while they rate both Bajaj and TVS "buy".

(Reporting by Manvi Pant, Additional reporting by Meenakshi Maidas; Editing by Savio D'Souza)

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Feb 6 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FADA: OVERALL AUTO RETAIL GREW BY 6.6% YOY IN JAN

• INDIA'S FADA: PERSISTENT CASH-FLOW CONSTRAINTS, SUBDUED INDUSTRIAL DEMAND COULD CAP UPSIDE POTENTIAL

• INDIA'S FADA: SUPPORTIVE POLICIES, POST-BUDGET STIMULUS MAY HELP SUSTAIN SECTOR’S EARLY-YEAR GAINS

• INDIA'S FADA: ONGOING FESTIVE/WEDDING DEMAND, FRESH PRODUCT INTRODUCTIONS COULD SUSTAIN FOOTFALLS IN NEAR-TERM

• INDIA'S FADA: NEARLY HALF OF DEALERS ANTICIPATE GROWTH IN FEB,43% EXPECT SALES TO STAY FLAT,11% FORESEE DIP

• INDIA'S FADA: AUTO RETAIL SECTOR ENTERS FEBRUARY WITH CAUTIOUS OPTIMISM

Source text: [ID:]

Further company coverage: ASOK.NS

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Feb 1 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY’S SALES GROW BY 17% IN JANUARY 2025

Source text: ID:nBSEbyVzyj

Further company coverage: TVSM.NS

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Adds comments from Bajaj, TVS earnings calls in paragraphs 5, 7-9, 11

By Nandan Mandayam and Meenakshi Maidas

Jan 28 (Reuters) - India's Bajaj Auto BAJA.NS reported a smaller-than-expected third-quarter profit on Tuesday, hurt by lower domestic sales of its motorcycles and three-wheelers.

The 'Pulsar' motorcycle manufacturer reported that profit rose 3.3% to 21.09 billion rupees (around $244 million) for the October-December quarter, missing analysts' average expectation of 21.63 billion rupees, according to data compiled by LSEG.

This was the company's slowest profit growth in nearly two years.

Indian two-wheeler firms reported sales growth of just 3% in the third quarter, with demand - particularly for motorcycles - tapering after a 20% jump in the first quarter and a 13% climb in the second quarter.

Bajaj Auto's domestic two-wheeler sales trailed the rest of the sector, dropping more than 10% in the third quarter, which its finance chief Dinesh Thapar said was a result of the company shying away from offering high discounts.

Rival TVS Motor Company TVSM.NS earlier on Tuesday reported third-quarter profit that missed estimates as its two-wheeler sales grew at the slowest pace in more than a year.

However, improvement in a key profit margin metric sent TVS Motor's shares up about 5%.

TVS Motor's earnings before interest, taxes, depreciation and amortisation (EBITDA) margin rose to 11.9% from 11.2% a year earlier.

TVS Motor's chief executive, K. N. Radhakrishnan, said he expects margins to grow further as the company sells more profitable vehicles while also reigning in costs.

Bajaj Auto also expects its margins to sustain, if not expand, as its EV business, particularly the 'Chetak' electric scooter stable, has begun to turn a profit.

The company reported an EBITDA margin of 20.2%, up from 20.12% a year earlier.

Thapar said the EBITDA margin would have been higher, if not for a decision to cut down exports of the margin-boosting KTM motorcycles following a restructuring at the premium motorcycle brand owned by Vienna-listed Pierer Mobility AG PKTM.VI.

($1 = 86.5320 Indian rupees)

(Reporting by Nandan Mandayam and Meenakshi Maidas in Bengaluru; Editing by Sonia Cheema and Shreya Biswas)

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Jan 18 (Reuters) - HYUNDAI MOTOR AND TVS MOTOR ANNOUNCE COLLABORATION FOR MICROMOBILITY VEHICLES AT INDIA CAR SHOW

Further company coverage: 005380.KS

(Reporting by Siddhi Nayak)

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Jan 14 (Reuters) -

• INDIA'S DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,14,934 UNITS - INDUSTRY BODY

• INDIA'S DEC 2-WHEELER SALES 11,05,565 UNITS - INDUSTRY BODY

• INDIA'S DEC 3-WHEELER SALES 52,733 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 42,74,793 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC 2-WHEELER SALES 1,95,43,093 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC 3-WHEELER SALES 7,28,670 UNITS - INDUSTRY BODY

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