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Shares of TVS Motor Company soared about 8 per cent today after the company said that it is in talks with BMW’s unit, BMW Motorrad.
The company plans to source technological knowhow for developing high-end motorcycles.
Paring initial losses, the shares gained ground following the buzz and jumped 7.78 per cent to Rs 39.45 on the BSE. On the NSE, the stock surged 7.77 per cent to Rs 39.50.
TVS Motor said in a filing to the BSE today: “The company is only in talks with German auto maker BMW’s Motorcycle division, BMW Motorrad, for a technology tie-up. However, nothing has been firmed up as yet. The company will keep the exchanges informed once finality is reached in this regard.”
Rally in the stock, however, outperformed the weak broader market, where the Sensex was trading at 17,387.36, down 133.36 points at 11.58 am.
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