Goldman Sachs Singapore Sells Shares in TVS Motor worth 148 Crore

By siliconindia  |  Tuesday, 11 August 2020, 10:33:52 AM IST

Goldman Sachs Singapore Sells Shares in TVS Motor worth Rs.148 Crore

Goldman Sachs Singapore PTE sold 0.75 percent stake in TVS Motor Company for 148 crore, through open market transactions. The bulk deal data available with the BSE showed that Goldman Sachs Singapore sold 3.55 million shares, or 0.75 percent stake in the bank. The shares were disposed off at an average price of  417.05, valuing the transactions at 147.95 crore.

TVS Motor Company reported a net loss of 139 crore for the first quarter of 2020-21 FY against a net profit of 142 crore in the April-June period of 2019-20. Revenue decreased 68 percent to 1434 crore in the first quarter of 2020-21 compared to 4469 crore in the same period of last year.

From the beginning of the year, TVS Motor Company fell 11 percent against a loss of 7 percent in the benchmark index, Sensex. From April lows, the stock gained 74 percent while Sensex was up 33 percent. TVS Motor Company settled for the day on the BSE at 418.55, down 0.64 percent from the previous close, while the benchmark index, Sensex gained 0.37 percent to 38182.08 points.

The Goldman Sachs Group Inc. is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, securities, asset management, prime brokerage, and securities underwriting. The bank is one of the largest investment banking enterprises in the world, and is a primary dealer in the United States Treasury security market and more generally, a prominent market maker. The group also owns Goldman Sachs Bank USA, a direct bank. Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in Lower Manhattan with additional offices in other international financial centers.

TVS Motor Company is the third largest two-wheeler company in India with a revenue of over 18,217 crore. It has an annual sale of more than three million units and an annual capacity of over 4.95 million vehicles. TVS Motor is also the second largest exporter in India with exports to over 60 Countries. A member of the TVS Group, it is the largest company of the group in terms of size and turnover. TVS Motor manufactures the largest range of two-wheelers, starting from mopeds, to scooters, commuter motorcycles, to racing inspired bikes like the Apache series and the RR310.

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