TVS Motor at new high

TVS Motor is among the top five gainers on the BSE since the opening bell. The stock opened 6% higher at Rs.755, going on to hit a new 52-week high at Rs.793.45.

There was a lot of positive vibe around the stock after news came in that the company is evaluating some more fund raising avenues, maybe similar to the one it struck weeks earlier - a $1-billion fund infusion for its electric vehicle (EV) business by a consortium of TPG Rise Climate and Abu Dhabi’s ADQ.

The new EV subsidiary is now said to be talking with some investment banks for some more potential fund-raise. The news is that the management is open to the idea of inducting another PE fund as partner and is looking at raising another $500 million to $1 billion.