Following the company's announcement of a 500 per cent dividend, this stock experienced strong buying pressure!
In an otherwise weak market, shares surged more than 3 per cent to a day's high of Rs 1,019.80 per share on the BSE.
The Indian headline indices started the session lower amid mixed global cues and were further severely damaged by steep declines in the financial services, banking, real estate and power stocks. As compared to other industries, the auto-sector stocks were among the least hit and held up well.
While attempting to compensate for the losses of other sectors, TVS Motor Company Ltd led the BSE Auto index. In an otherwise weak market, shares surged more than 3 per cent to a day's high of Rs 1,019.80 per share on the BSE. Investors were already drawn to the company, thanks to its robust quarter results and healthy dividend declaration.
Taking into account the company’s quarterly performance, on a consolidated basis, it reported a strong growth of 22.26 per cent from Rs 6,597.35 crore registered in Q3FY22, recording total revenue of Rs 8,066.13 crore in Q3FY23. It has reported considerable EBITDA growth of 32.78 per cent. When comparing the net profit for the third quarter of FY23 to the same quarter last year, it is found to have soared by a significant 21.45 per cent from Rs 247.75 crore to Rs 300.89 crore.
The board of directors declared an interim dividend of Rs 5 per equity share of Re 1 each or 500 per cent and fixed February 02, 2023 as the record date for determining the eligibility of shareholders entitled to the interim dividend.
Keep a close eye on this scrip for the upcoming sessions!