TVS Motor shares jump 6% on block deal of 5% stake

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The share price of TVS Motor Company rose over 6 percent on Monday after five percent equity stake of the firm changed hands via a block deal.

The share price of TVS Motor Company rose over 6 percent on Monday after five percent equity stake of the firm changed hands via a block deal.
As per exchange data, around 2.44 crore shares, representing 5.13 percent of the total equity worth Rs 1,506 crore, changed hands via a block deal on the NSE. The block deal was executed at a price of Rs 617.25 per share.
However, the names of the buyers and sellers were not ascertained.
The stock rose as much as 6.3 percent to its day's high of Rs 662.90 per share on the BSE.
As per reports, promoter Sundaram Clayton has likely sold the 5 percent stake in the auto company. Sundaram Clayton held a 57.40 percent stake in the company as of March 2021.
In the March quarter, the company posted a nearly four-fold increase in its consolidated net profit to Rs 319.19 crore on the back of robust sales.
Revenue from operations rose to Rs 6,131.90 crore in Q4 from Rs 4,104.71 crore in the same period a year ago and EBITDA jumped 119 percent to Rs 536.11 crore versus Rs 244.85 crore in the year-ago period.
"TVS Motors Q4FY21 results were significantly ahead of our and consensus estimates. While commodities continue to inch upward, the company was able to mitigate the impact via price hikes and better mix," CLSA said in an earnings review note.
"While the stock continues to trade at a premium to its mass-market two-wheeler peers, we believe this trend can continue due to share gains, higher EPS growth and improving FCF conversion," it said.
In December 2020, the board of directors of the $8.5 billion TVS Group's holding companies had approved the so-called memorandum of family arrangement (MFA) between various members of the TVS family. Present shareholders of the holding companies primarily consist of third and fourth generation family members of TVS Group founder T V Sundaram Iyengar.
The group in February 2021 filed a composite scheme of amalgamation and arrangement involving its holding companies at the National Company Law Tribunal in Chennai.

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