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Sensex gains over 230 points, Nifty above18,250; TVS Motor rises 6%

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The BSE Sensex is trading at 61,202, higher by 280 points or 0.43 per cent and the NSE Nifty is at 18,248, up 74 points or 0.41 per cent.

The domestic stock markets have opened in the positive, post the downturn witnessed in the past three sessions, due to buying interest across the board. At 9:18 am.

The broader markets are also trading in the positive, with the BSE Midcap index and BSE Smallcap index gaining 0.4 per cent each.

The global stock index has almost risen, and the S & P 500 hit a record high on Thursday, supported by consumer discretion and rising tech share.

The S & P 500 rose 0.30 percent and the Nasdaq Composite rose 0.62 percent. However, the Dow Jones fell 0.02 percent.

The Asia Pacific market was largely up on Friday morning trading. This is due to a surge in shares in the China Ever Grande Group in Hong Kong after the media reported that a confused developer would pay off coupon payments for dollar-denominated bonds.

The Nikkei 225 rose 0.82 percent, the Tokyo Stock Price Index rose 0.52 percent, and South Korea’s Kospi rose 0.05 percent.

Shares of TVS Motor were trading over 6% higher at ₹615 per share

TVS Motor while announcing its quarterly earnings also said that its board approved the incorporation of a wholly owned subsidiary to undertake its electric mobility business.

The company indicated that it would be creating a separate subsidiary for the EV business to enhance flexibility, scale and focus towards this vertical.

Shares of TVS Motor were trading over 6% higher at ₹615 per share on the BSE in Friday’s opening session after the company posted a 29% rise in consolidated net profit at ₹234 crore for the second quarter ended September.

It expects TVS to continue to outperform industry, led by an improving brand franchise, robust demand outlook and significant headroom for margin expansion.

Nirmal Bang’s Buy rating comes with a target price of ₹660 apiece on supportive outlook and as EV strategy gathers pace.

TVS Motor Company said it has reported highest ever revenue of ₹5,619 crore in the second quarter as against ₹4,605 crore in the year-ago quarter, registering a growth of 22%.

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