The surge in market cap came on the heels of TVS picking up 28.57% stake in not-for-profit company Indian Foundation for Quality Management. TVS picked up 2.5 crore equity shares of Rs 10 each for a total cash consideration of Rs 25 crore. IFQM will complete the allotment of shares on or before April 15 within 60 days of receipt of subscription amount. The transaction is a related party transaction since Venu Srinivasan, chairman emeritus and MD of TVS, is also a director of IFQM.
The two wheeler major clocked a 68% jump in net profit for Q3 FY24 at Rs 593 crore, up from Rs 353 crore in the year-ago period.