TVSHLTD

March 24 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS LTD - DECLARES INTERIM DIVIDEND OF 93 RUPEES PER SHARE

• TVS HOLDINGS LTD - INTERIM DIVIDEND ABSORBS 1.88 BILLION RUPEES FOR FY ENDING MARCH 2025

Source text: ID:nBSE3JKrh6

Further company coverage: TVSH.NS

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** Indian auto stocks .NIFTYAUTO rise as much as 1.8%

** Gains led by two-wheeler maker TVS Motor Co TVSM.NS, Royal Enfield motorcycle maker Eicher Motors EICH.NS and index heavyweight Mahindra & Mahindra MAHM.NS

** Both MAHM and EICH up 1.7%; TVSM 1.4% higher

** EICH February total motorcycle sales rose 23% y/y, MAHM total sales grew 15% driven by a sale of its sports utility vehicles, while TVS' sales grew 10%

** Jefferies says, modest month for passenger vehicles (PV); MAHM outperforms, but 2W industry weak; brokerage's top buys are MAHM, EICH, TVSM

** In PVs, MAHM gained most market share led by lag effect from new launches, believe this trend will continue - CLSA

** Auto index last up 0.1%

** Average rating of analysts on MAHM, TVSM, is 'buy', EICH is 'hold'- data compiled by LSEG

** Auto index down 9.9% this year so far vs 6.5% drop in Nifty 50 .NSEI

(Reporting by Meenakshi Maidas in Bengaluru)

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MUMBAI, Feb 25 (Reuters) - India's TVS Credit Services plans to raise 10 billion rupees ($115.3 million), including a greenshoe option of 5 billion rupees, through the sale of bonds maturing in three years, three bankers said on Tuesday.

It will pay an annual coupon of 8.25% on this issue and has invited commitment bids for the issue on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 25:

*Size includes base plus greenshoe for some issues

($1 = 86.7450 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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** India's Nifty 50 .NSEI and Sensex .BSESN drop about 0.4% each, eyeing weekly losses of about 0.7% each

** Twelve of the 13 major sectors decline; auto index .NIFTYAUTO drops 2.3%

** Fourteen of the 15 constituents of auto index log losses; Mahindra & Mahindra MAHM.NS sheds 5.5%, while TVS Motor TVS.NS falls 3.4%

** Reports that government may reduce import duty to 15% on electric vehicles from 110% as part of new EV policy weighing on auto stocks

** Citi says heightened competition from global companies such as Tesla will hurt domestic automakers

** Pharma stocks .NIPHARM drop 1.8% on uncertainty over U.S. tariff threats

** High-weight financials .NIFTYFIN drop 0.5%, while banks .NSEBANK slip 0.67%

** The broader, more domestically focussed small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lose 0.1% and 0.7%

** Bucking the trend, L&T Tech LTEH.NS gains 4.5% on a rating upgrade by Macquarie

** Financial services provider Religare Enterprises RELG.NS climbs 6.4% after billionaire Burman family that owns Dabur DABU.NS says it acquired control of the company

(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru)

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By Sai Ishwarbharath B and Haripriya Suresh

MUMBAI, Feb 13 (Reuters) - India's quick-commerce frenzy, which has boosted the fortunes of delivery firms such as Zomato ZOMT.NS and SoftBank-backed Swiggy SWIG.NS, is not sustainable in the long run, a top Indian private equity fund's chief said.

"These are passing fads and fantasies," TVS Capital Funds Chairman Gopal Srinivasan, who manages assets worth about 50 billion rupees ($575 million), said in an interview.

"The question is whether this micro trend, which (is) running completely on PE or VC funding only without the multi-decadal (economic viability) aspect, will sustain or not."

India's quick-commerce industry, which promises deliveries within 10 minutes, was estimated to cross $6 billion in annual sales in 2024 from $100 million in 2020, according to Datum Intelligence.

Following in the footsteps of Swiggy's Instamart and Zomato's Blinkit, global retail giants Walmart WMT.N-backed Flipkart and Amazon AMZN.O as well as Reliance Industries RELI.NS have started delivering goods from groceries to electronics instantly in the South Asian country.

Marquee funds such as Prosus PRX.AS, Tencent Holdings 0700.HK, Nexus Venture Partners and Info Edge INED.NS are among the top shareholders in Zomato, Swiggy and peer Zepto, which own the biggest chunk of the quick commerce space.

Those parking money in the sector are buying "over-valued" assets and hoping to sell them at a higher price, following the "greater fool theory" investment strategy, TVS Capital's Srinivasan said.

TVS Capital has backed around 30 businesses since 2007 and its portfolio is dominated by financial services firms such as Vivriti Capital and Five Star Business Finance.

Its investments include Walmart-backed fintech firm PhonePe and insurance tech firm Digit Insurance DODG.NS. TVS Capital had invested in beauty e-commerce firm Nykaa, which it exited in 2018.

"We looked at Swiggy, Zomato. We didn't know enough, so we walked away," Srinivasan said.

"Nykaa was clearly a deeper trend, because the way we looked at it is women coming into the workforce in massive quantities... and fundamentally, the fact that they will have to appear as professional as they can," he said.

($1 = 86.8570 Indian rupees)

(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Editing by Dhanya Skariachan and Mrigank Dhaniwala)

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** Shares of TVS Holdings TVSH.NS rise 7.1% to 9,558.9 rupees, eyes best one-day pct gain since July 1, 2024

** TVSH on track to snap four-day losing streak

** The auto, truck and motorcycle parts maker says Q3 consol net profit surged 72% to 3.86 bln rupees ($44.6 mln); rev from ops up 11% Y/Y

** Results aided by strong demand from core automotive vehicles and parts segment, which saw a 13% rev growth

** Stock gained 37% in 2024

($1 = 86.5175 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of TVS Motor Company TVSM.NS jump 4.6% to 2,332.95 rupees, set to snap two-session losing streak

** Two-wheeler maker's Q3 profit rises 4.2% y/y, revenue up 10.3% y/y

** Q3 operating EBITDA margin expands to 11.9% from 11.2% a year ago

** TVSM among top gainers in the Nifty Auto index .NIFTYAUTO, which is up 1.5%

** Trading vols at 1.3 mln shares, 1.9x the 30-day average

** Average rating by analysts on TVSM and peer Bajaj Auto BAJA.NS is "hold", "buy" for Hero MotoCorp HROM.NS - LSEG data

** TVSM gained 16.9% in 2024 vs 86.6% rise in 2023

(Reporting by Vijay Malkar)

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MUMBAI, Dec 30 (Reuters) - India's TVS Credit Services has accepted bids worth 3.75 billion rupees ($43.85 million) for bonds maturing in three years, two merchant bankers said on Monday.

The company will pay an annual coupon of 8.25% on this issue and had invited bids from bankers and investors earlier in the day, they said.

TVS Credit Services did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 30:

*Size includes base plus greenshoe for some issues

($1 = 85.5240 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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MUMBAI, Dec 26 (Reuters) - India's TVS Credit Services plans to raise 10 billion rupees ($117.30 million), including a 5 billion rupee greenshoe option, by selling bonds maturing in three years, two merchant bankers said on Thursday.

The company has invited bids from bankers and investors for the issue on Friday, they said.

TVS Credit Services did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far Dec. 26:

*Size includes base plus greenshoe for some issues

($1 = 85.2520 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Abinaya Vijayaraghavan
)

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Dec 23 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS LTD - UNIT COMPLETES ACQUISITION OF RADIAL PHASE II AND PHASE III

Source text: ID:nBSE25b4TQ

Further company coverage: TVSH.NS

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Dec 18 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS EMERALD TO ACQUIRE 100% SECURITIES OF RADIAL IT PARK PHASE II AND III

• ACQUISITION COST SET AT 2.34 BILLION RUPEES

• RADIAL (PHASE III) IT PARK DEAL AT 3.42 BILLION RUPEES

Source text: ID:nNSE7wwVMx

Further company coverage: TVSH.NS

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** Shares of India Nippon Electricals INEL.NS rise as much as 7% to 725 rupees

** Auto parts maker said its Q2 consol net profit rose 20.7% to 211.6 mln rupees ($2.5 mln), revenue from operations rose 10.6%

** More than 34,000 shares traded, 3 times its 30-day moving avg

** INEL last up 3.2%, extending YTD gains to ~31%

** Stock has gained for the last three consecutive years

($1 = 84.3780 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

** Bajaj Auto BAJA.NS slips 4.3%; biggest pct loser on Nifty 50 .NSEI index and among auto stocks .NIFTYAUTO

** Automaker reports drop in monthly domestic two- and three-wheeler sales to dealers

** Co's October sales of domestic two-wheelers fell 8% y/y; three-wheeler sales dropped 6%

** Peers TVS Motor TVSM.NS, Hero MotoCorp HROM.NS and Royal Enfield motorcycle-maker Eicher Motors EICH.NS log growth in monthly domestic two-wheeler sales between 17% and 26%

** BAJA rated "hold" on avg, same as TVSM and EICH, while HROM rated "buy" - LSEG

** Stock slid 20% in October, its worst month since March 2020, after co warned of weak festive sales

** YTD, BAJA still leads pack with ~39% rise, outperforming NIFTYAUTO's 27% growth

(Reporting by Nandan Mandayam in Bengaluru)

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MUMBAI, Oct 28 (Reuters) - India's TVS Credit Services has accepted bids worth 5 billion rupees ($59.49 million) for bonds maturing in three years, two merchant bankers said on Monday.

The company will pay an annual coupon of 8.35% and had invited bids from bankers and investors earlier in the day, they said.

TVS Credit Services did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Oct. 28:

*Size includes base plus greenshoe for some issues

($1 = 84.0440 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected]))

MUMBAI, Oct 25 (Reuters) - India's TVS Credit Services plans to raise 5 billion rupees ($59.5 million) by selling bonds maturing in three years, two merchant bankers said on Friday.

The company has invited bids from bankers and investors on Monday, they said.

TVS Credit Services did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Oct. 25:

*Size includes base plus greenshoe for some issues

($1 = 84.0700 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected]))

Oct 23 (Reuters) - Indian two-wheeler maker TVS Motor Company TVSM.NS reported a lower-than-expected quarterly profit on Wednesday hurt by higher costs, even as demand was stable.

'Jupiter' scooter maker's profit rose 23.5% to 6.63 billion rupees ($78.86 million) in the quarter ended Sept. 30, which missed analysts' estimate of 6.97 billion rupees, per data compiled by LSEG.

During the quarter it incurred a 288.8 million rupees expense due to changes in inventories, compared to an income of 2.61 billion rupees a year ago, the company said without giving further details.

This pushed its total expenses up nearly 12%, with the cost of materials consumed increasing 4.3% in the quarter.

Revenue from operations rose 13.3% to 92.28 billion rupees, but fell short of analysts' estimate of 94.21 billion rupees.

Total two-wheeler (2W) sales for the company increased 15% year-over-year to over a million units in the quarter, while sales across the country increased 15.8% in the quarter.

Rival Bajaj Auto BAJA.NS posted a 21% rise in second-quarter adjusted profit last week helped by higher domestic motorcycles sales. Hero MotoCorp HROM.NS is yet to report quarterly results.

Shares of TVS Motor fell as much as 6.6% after results, before closing down 3.7%.

($1 = 84.0725 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Eileen Soreng)

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

Oct 10 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS - CO HAS WOUND UP ITS BUSINESS OF TRADING IN AUTOMOTIVE SPARE PARTS

Source text for Eikon: ID:nNSE1XtL5Q

Further company coverage: TVSH.NS

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Sept 25 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS - GETS CCI APPROVAL FOR ACQUISITION OF 80.74% OF HOME CREDIT INDIA FINANCE

Source text for Eikon: ID:nBSE8XVpt5

Further company coverage: TVSH.NS

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Sept 17 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS LTD - UNIT TO ACQUIRE ADDITIONAL SECURITIES IN EMERALD HAVEN TOWN AND COUNTRY

• TVS HOLDINGS - DEAL FOR 25 MILLION RUPEES

Source text for Eikon: ID:nBSE5DVjL5

Further company coverage: TVSH.NS

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Sept 16 (Reuters) - TVS Holdings Ltd TVSH.NS:

• ACQUIRED 100% STAKE IN TVS DIGITAL

• DEAL FOR 41.4 MILLION RUPEES

Source text for Eikon: ID:nBSE3ThsB9

Further company coverage: TVSH.NS

(Reporting by VijayDattaram Malkar)

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** Shares of Sundaram Clayton SUNM.NS rose as much as 4.6%, last up 2.8% to 1,837.5 rupees

** Auto parts-maker commissioned commercial production of aluminium die castings in India's Tamil Nadu state; new facility has annual capacity of 7,750 MT of aluminium die castings

** Stock set for best day since July 24, eyes rise in third straight session

** SUNM up 21.5% YTD vs 86% rise in rival Samvardhana Motherson SAMD.NS

(Reporting by Varun Vyas in Bengaluru)

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** India's benchmark Nifty 50 .NSEI could hit 25,600 pts on the upside vs current level of 25,250, says Nuvama Alternative and Quantitative Research

** "The ongoing bullish undertone is expected to persist in September, supported by abundant market liquidity"

** Expects auto sector .NIFTYAUTO to perform well in September and October derivatives series, with a long bias towards TVS Motors TVSM.NS and Bajaj Auto BAJA.NS

** Notes Nifty future roll-overs at 77% vs 73% (avg of last three series), while market-wide future open interest (OI) is record high of 4.73 trln rupees, indicating inflows into futures

** Says clients (HNIs/retail) added meaningful single stock futures (SSF) longs and hedged with index shorts, while FIIs added sizable index longs

** Nifty rose 3.1% in August series, led by pharma and IT, which gained 8.4% and 6.3%, respectively

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of TVS Motor TVSM.NS rise 2.9% to 2,708.45 rupees

** Stock is top gainer on Nifty Auto index .NIFTYAUTO which is flat

** Co launched a variant of its 'Jupiter 110' scooter at 73,700 rupees ($878.08)

** ICE two-wheeler-makers are adding more features, but don't increase base variant's price above those of EVs - Amit Hiranandani, SMIFS analyst

** Ola Electric's OLAE.NS EV model S1X is priced at 75,000 rupees while Honda's Activa 6G scooter - Jupiter 110's ICE competitor - is priced at about 76,000 rupees

** Brokerages including Motilal Oswal had said in post-earnings notes that TVS' domestic growth will be supported by product launches - but they attributed TVS' Q1 performance to premium two-wheelers

** Jupiter 110 is a mid-range scooter - cheaper than TVS' premium two-wheelers and more expensive than smaller-engine models

** TVS, Bajaj Auto BAJA.NS rated "hold" on avg, Hero MotoCorp HROM.NS rated "buy" - LSEG data

($1 = 83.9330 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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Aug 8 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS JUNE-QUARTER CONSOL NET PROFIT 2.17 BILLION RUPEES

• TVS HOLDINGS JUNE-QUARTER CONSOL INTEREST INCOME 14.31 BILLION RUPEES

Source text for Eikon: ID:nBSE8KdZ7c

Further company coverage: TVSH.NS

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** Shares of TVS Motor Co Ltd TVSM.NS rise as much as 5.6% to record 2,618.65 rupees

** Indian two-wheeler maker beat Q1 profit estimates during market hours on Tuesday but closed down 0.6%

** Stock last up 3.1%, top gainer among auto stocks .NIFTYAUTO, and set for best day in 2 months

** Jefferies keeps "buy", raises PT to 3,000 rupees, second-highest on Street; sees EPS rising over 2x in next three years

** Adds, TVS "premium multiples will sustain on strong growth outlook" as rural demand recovery for motorcycles kicks in

** TVSM's forward P/E of 40.4 is the highest among two-wheeler stocks - LSEG data

** Investec has "buy" and raises PT to 2,520 rupees; believes TVSM has scope to expand EBITDA margins, helped by product pipeline and benign commodity cost inflation

** Stock's 52-week gains of 85% second-highest among peers

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of India Nippon Electricals INEL.NS rise 4.6% to a record high of 792.3 rupees

** Auto parts maker said its June-qtr consol net profit rose ~96% y/y

** Stock eyes busiest trading day since mid-June, over 150,000 shares traded

** Including session's gains, stock up 48% YTD

(Reporting by Manvi Pant in Bengaluru)

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By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

** Indian auto stocks .NIFTYAUTO flat

** But two-wheeler stocks gain, while four-wheelers stall

** Drop in retail sales of cars steepens in June, data shows

** Gains in two-wheeler sales, meanwhile, acclerates

** TVS Motor's TVSM.NS 2% jump lead two-wheelers' gains

** Eicher Motors EICH.NS and Bajaj Auto BAJA.NS up nearly 1%; Hero MotoCorp HROM.NS flat

** Mahindra and Mahindra's MAHH.NS 1.3% drop steepest among car makers

** Tata Motors TAMO.NS and Maruti Suzuki MRTI.NS flat

** Tyremakers MRF MRF.NS and JK Tyre JKIN.NS flat; Ceat CEAT.NS up 0.5%

** Still, Mahindra's 66% gain is highest on index among automakers

(Reporting by Savio Dsouza)

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MUMBAI, June 7 (Reuters) - India's TVS Holdings TVSH.NS has accepted bids worth 6.50 billion rupees ($77.89 million) for the sale of bonds maturing in five years, three bankers said on Friday.

It will pay an annual coupon of 8.65% on this issue, and has invited bids from bankers and investors on Thursday, they said.

Here is the list of deals reported so far on June 7:

*Size includes base plus greenshoe for some issues

($1 = 83.4525 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Eileen Soreng)

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MUMBAI, May 31 (Reuters) - India's TVS Holdings TVSH.NS plans to raise 6.50 billion rupees ($78 million) through the sale of bonds maturing in five years, three bankers said on Friday.

It will pay an annual coupon of 8.65% on this issue, and has invited bids from bankers and investors on Thursday, they said.

Here is the list of deals reported so far on May 31:

*Size includes base plus greenshoe for some issues

($1 = 83.3620 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)

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