TVS Motor Hits Record High After TVS Jupiter 110 Launch

Shares of TVS Motor Co. Ltd. hit record highs on Thursday after it launched the TVS Jupiter 110.

Meanwhile, ICICI Prudential Mutual Fund, in a seprate exchange filing, said that it has cut its stake in the company by 2.01%, which now stands at 7.23%.

TVS Jupiter 110 is powered by a 113.3 cc, single-cylinder, 4-stroke engine, the company said in an exchange filing. The Jupiter 110 scooter is equipped with the Nextgen lightweight compact futuristic high-performance engine and iGO Assist, the company said.

The motor is good for 5.9 kW @ 6500 rpm power and 9.8 Nm @ 5,000 rpm torque (with iGO Assist) and 9.2 Nm @ 5,000 rpm (without Assist). The Jupiter 110 can deliver a 10% increase in mileage compared to its predecessor, TVS said.

The stock rose as much as 3.18% to a record high of Rs 2,629.35 apiece. It pared gains to trade 2.2% higher at Rs 2,688.20 apiece as of 1:18 p.m. This compares to a 0.2% advance in the NSE Nifty 50 Index.

The stock has risen 32.67% on a year-to-date basis and 89.31% in the last 12 months. Total traded volume on the NSE so far in the day stood at 0.75 times its 30-day average. The relative strength index was at 67.58.

Out of the 42 analysts tracking the company, 20 maintain a 'buy' rating, 10 recommend a 'hold,' and 12 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.5%.