TVSMOTOR

** 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)

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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

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** 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)

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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)

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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)

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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) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY - SIGNS MOU WITH GOVERNMENT OF KARNATAKA

• TVS MOTOR COMPANY LTD - TO INVEST 20 BILLION RUPEES IN KARNATAKA OVER NEXT 5 YEARS

• TVS MOTOR COMPANY LTD - MOU TO SET UP GLOBAL CAPABILITY CENTER IN KARNATAKA

• TVS MOTOR COMPANY - AIMS TO DOUBLE EXPORT, OVERALL REVENUES FROM MYSURU OPERATIONS

Source text: ID:nBSE9cC9hW

Further company coverage: TVSM.NS

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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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** 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)

(([email protected];))

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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Updates shares in paragraph 10, adds details from letter in paragraph 5, background in paragraph 7-9

Jan 8 (Reuters) - India's markets regulator has warned Ola Electric OLAE.NS against sharing company-related information on social media before disclosing it to investors, adding to a slew of problems for the electric two-wheeler maker.

The letter from the Securities and Exchange Board of India (SEBI), disclosed by Ola Electric late on Tuesday, said that the company had failed provide "equal and timely access" to its investors of information about a planned store expansion.

Last month, Ola Electric's founder, Bhavish Aggarwal, shared news about new store openings in a post on social media platform X and to investors about four hours later through the stock exchanges.

Publicly-listed companies are required to disclose any information first to investors through exchange filings and not more than 12 hours after the event takes place.

"The above violations have been viewed very seriously. You are hereby warned," SEBI said in its letter.

Ola Electric, which went public in August last year, opened 3,200 new stores and service centres last month to expand its reach and address rising complaints on its service standards.

The letter from SEBI is the latest such regulatory scrutiny on the company following a government agency's investigation into its service standards.

The issues have cast a shadow on Ola's stellar listing, which saw its shares double in value in less than a week.

It has also lost market share to rivals TVS Motor TVSM.NS and Bajaj Auto's BAJA.NS 'Chetak' e-scooters in recent months.

Its shares are currently down about 1.8% at 77.74 rupees, nearly 50% below their all-time high hit in August last year. They had fallen as much as 5% earlier in the day.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)

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Jan 2 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY’S SALES GROW BY 7% IN DECEMBER 2024

Further company coverage: TVSM.NS

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Dec 23 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - COMPLETES ACQUISITION OF 39.11% STAKE IN DRIVEX

Source text: ID:nBSE1HXMkc

Further company coverage: TVSM.NS

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Dec 19 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY - TO ACQUIRE ADDITIONAL 0.32% STAKE IN DRIVEX MOBILITY

• TVS MOTOR COMPANY LTD - ACQUISITION COST 8 MILLION RUPEES

Source text: ID:nBSE2B9Jpp

Further company coverage: TVSM.NS

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By Aditi Shah and Neha Arora

NEW DELHI, Dec 17 (Reuters) - South Korea's LG Energy Solution is in talks with India's JSW Energy to manufacture batteries for electric vehicles and renewable energy storage in a joint venture that would need an investment of over $1.5 billion, two sources told Reuters.

The two companies have signed an initial agreement to form an equal partnership in which LGES 373220.KS will contribute the technology and equipment for making batteries and JSW JSWE.NS will invest money, said one of the sources.

The discussions include setting up a plant in India with a total capacity of 10 gigawatt hours of which JSW is likely to use about 70% for energy storage and electric vehicles and LGES will take the remainder, both sources said.

"LGES wanted a partner in India and JSW is interested because it is coming up with its own brand of EVs starting with buses and trucks, and later on cars," said the second person.

The agreement is non-binding and both companies expect to finalise the talks over coming months, said the two sources who have direct knowledge of the discussions but declined to be identified as the talks are still private.

"We are exploring various potential business options and monitoring market situation closely," LGES said in a statement, adding that it does not have any specific plans for India.

JSW Energy declined to comment.

Reuters reported last year that LGES and JSW were in early talks to build batteries together in India.

For LGES, which supplies Tesla TSLA.O, General Motors GM.N and Hyundai 005380.KS, the joint venture will establish its manufacturing presence in India where it is the top battery supplier to e-scooter makers like Ola Electric OLAE.NS and home-grown rival TVS Motor TVSM.NS.

It also gives LGES an opportunity to lower its risk of manufacturing in a country where the EV market is still in its infancy. Slowing EV demand elsewhere in the world has already forced it to reduce capital expenditure next year.

For JSW, whose billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs, this will be an opportunity to secure supplies locally for its energy business while bringing down the cost of its EVs.

The Indian steel-to-energy group last year formed a joint venture with China's SAIC Motor 600104.SS giving it a 35% stake in the Chinese carmaker's India unit, MG Motor, which it is now helping grow.

"JSW has proposed a 25-year agreement to LGES," said the second person, adding that the Indian company continues to engage with other battery players as well.

The companies would like the plant to be operational before the end of 2026 and expect to make a final decision in about 3-4 months, the first person said.

If the venture goes ahead it will be a win for India's Prime Minister Narendra Modi's government that is offering companies billions of dollars in incentives to boost local manufacturing of clean cars.

Domestic carmakers Tata Motor TAMO.NS and rival MG Motor dominate India's electric car sales, while home-grown brands like Ola, TVS and Bajaj Auto BAJA.NS lead e-scooter sales.

(Reporting by Aditi Shah and Neha Arora in New Delhi, additional reporting by Hyun Joo Jin in Seoul
Editing by Christina Fincher)

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

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

• INDIA'S NOV TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,47,522 UNITS - INDUSTRY BODY

• INDIA'S NOV 2-WHEELER SALES 16,04,749 UNITS - INDUSTRY BODY

• INDIA'S NOV 3-WHEELER SALES 59,350 UNITS - INDUSTRY BODY

Source text: [ID:]

Further company coverage: ASOK.NS

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Nov 29 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - TO ACQUIRE 39.11% STAKE IN DRIVEX MOBILITY

• TVS MOTOR - COST OF ACQUISITION 977.9 MLN RUPEES

Further company coverage: TVSM.NS

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Nov 21 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• LAUNCHES NEW 2.2 KWH TVS IQUBE VARIANT IN NEPAL

Source text: ID:nBSE7gSkSc

Further company coverage: TVSM.NS

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Nov 19 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• LAUNCHES TVS APACHE RTR 160 4V AT PRICE OF 139,990 RUPEES EX-SHOWROOM NEW DELHI

Source text: ID:nBSE9V2kmR

Further company coverage: TVSM.NS

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Nov 15 (Reuters) - India's festive period auto sales by dealers to customers grew about 12%, led by two-wheeler sales on the back of strong rural demand, data from a dealers' body showed on Friday.

The Federation of Automobile Dealers Association (FADA) said festive period sales from Oct. 3 to Nov. 13 came in at about 4.3 million units, compared to last year's 3.8 million units.

Indians generally make big-ticket purchases on items like vehicles during the festive season, which kicked off on Oct. 3 this year.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Abinaya Vijayaraghavan)

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Adds details on strategy, updates share levels and background

By Nandan Mandayam and Indranil Sarkar

Nov 14 (Reuters) - India's Eicher Motors EICH.NS was on course for its best day since mid-2020, after the Royal Enfield motorcycle maker posted a quarterly profit beat, which analysts said indicated that the "toughest phase" of competition was over.

Eicher's stock rose more than 8.3% and was the top gainer on the Nifty auto index .NIFTYAUTO, which was up about 1%.

Jefferies said that the "toughest phase of the competition is behind" for Royal Enfield. Emkay, which also said competition was "largely behind", upgraded the stock three notches to "buy" from "sell".

Demand for its motorcycles has sustained even after the October-November festive season due to successful launches of some of new premium models, Royal Enfield CEO B Govindarajan told analysts on Wednesday.

The company, which gets most of its earnings from Royal Enfield, came under pressure last year after two-wheeler makers Hero MotoCorp HROM.NS and Bajaj Auto BAJA.NS launched premium Harley Davidson and Triumph models, directly challenging some of Royal Enfield's top sellers.

Govindarajan added that rural demand was rising and continued to outpace urban sales growth. Rural sales account for a third of Royal Enfield's sales and over half of the country's two-wheeler industry.

The positive commentary sent Hero's shares 1.5% higher. The company, which sells a major chunk of its motorcycles in rural India, is often viewed by investors as a gauge for rural sales.

It is due to report results later in the day.

Shares of other two-wheeler makers also traded marginally higher, with TVS Motor Company TVSM.NS rising 0.6% and Bajaj Auto up 0.1%.

Additionally, analysts raised Royal Enfield's volume growth estimates after Govindarajan said the company was focusing on volumes over margins and looking at "all the levers which are available for getting the growth."

Nomura termed Royal Enfield's focus on volume growth "a better trade-off" while upgrading the stock to "neutral" from "sell". It raised its fiscal 2025 volume growth target to 8.3% from 5%, while Ambit raised its estimate to 5.4% from 3.9%.

(Reporting by Nandan Mandayam and Indranil Sarkar in Bengaluru; Editing by Janane Venkatraman)

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

• INDIA'S OCT TOTAL DOMESTIC PASSENGER VEHICLE SALES 393,238 UNITS - INDUSTRY BODY

• INDIA'S OCT 2-WHEELER SALES 2,164,276 UNITS - INDUSTRY BODY

• INDIA'S OCT 3-WHEELER SALES 76,770 UNITS - INDUSTRY BODY

Further company coverage: ASOK.NS

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