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.
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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%.
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