TVS Motor stock falls 3% after share sale by a promoter Shares of TVS Motor Company on Monday dropped 3% to `1,017.75 in intra-day trade on the BSE after Srinivasan Trust, one of the promoters, sold 2,569,726 shares of the company for `262 crore in a bulk deal. The shares were sold at `1,020.03 apiece. As of September 30, Srinivasan Trust held 25,69,726 equity shares or 0.54% of the company. TVS Motor shares had touched an intraday low of `1,009.80 apiece in an overall drop of 3.77% during the day. Also Read| Global Markets: European markets stay cautious after China eases pandemic measures He added that the company has also invested in future technology areas and added competent people in digital electronic software because they are fundamental to delivering its strategy on the electric vehicle (EV) side. After the November sales data, the company’s shares were seen volatile. TVS Motor registered a growth of 2% with sales increasing to 277,123 units in November against 272,693 units a year ago. Total two-wheelers registered 2% growth with sales increasing to 263,642 units from 2, 57,863 units. Domestic two-wheeler sales registered a growth of 9% to 191,730 units from 175,940 units a year ago. Motorcycle registered a 4% growth to 145,006 units from 140,097 units. Scooters saw a growth of 12% to 83,679 units from 75,022 units. Its EV journey recorded a milestone in November, recording sale of 10,056 iQube units in a single month backed by strong order books and increasing acceptance towards electric mobility Also read:ICICI Bank shares outperform Nifty50, rally 22% so far in 2022; should you buy, hold or sell? The company’s total exports registered sales of 84,134 units against 96,000 units. Two-wheeler exports stood at 71,912 units against 81,923 units.
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FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.