TVS Motor Gains Over 2% as it Forges Key Partnership with Emil Frey for European Expansion

In the early trade on November 17, TVS Motor witnessed a positive surge of over 2% following the announcement of a strategic partnership with Zurich-based enterprise Emil Frey. The collaboration aims to facilitate the import and distribution of TVS Motor Company’s advanced two-wheelers in key European markets.

Emil Frey, a venerable 100-year-old enterprise, stands among the largest automobile importers and retailers in Europe. Under this partnership, Emil Frey Group entities will assume responsibility for distributing TVS products in selected countries, leveraging their robust sales, marketing, and service networks.

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Emkay Global Financial, expressing bullish sentiment on TVS Motor, has assigned a ‘buy’ rating to the stock with a target price of Rs 2100 in its research report dated October 31, 2023. Prabhudas Lilladher, another brokerage house, has given an ‘accumulate’ rating on TVS Motor Company, setting a target price of Rs 1650 in its research report dated October 30, 2023. However, Motilal Oswal maintains a ‘neutral’ stance on TVS Motors with a target price of Rs 1500 in its research report dated October 31, 2023.

As of 1:16 pm, TVS Motor shares were trading 2.38% higher at ₹1,724.25.