Shares of TVS Motor Company on Monday soared by nearly 10 per cent, after the company signed an agreement with German auto-maker BMW Motorcycles’ division BMW Motorrad to develop and produce a new series of motorcycles.
Defying a lacklustre stock market, the scrip closed at Rs 39.85, up 9.93 per cent on the BSE. During the day, the stock had surged 16.82 per cent to Rs 42.35.
At NSE, the stock ended 7.47 per cent higher at Rs 38.85.
In terms of volume, 50.02 lakh shares of the company were traded on the BSE, while 1.61 crore shares changed hands on the NSE.
“TVS Motor Company and BMW Motorrad have signed a long term cooperation agreement. The aim of the cooperation is to join forces to develop and produce a new series of motorcycles that will cater to the segment below 500cc,” TVS Motor Company said in a statement.
The agreement allows the companies offering their own vehicle derivatives, which will be sold through their own distribution channels in India and across the globe.