TVS Motors enjoys milestone sales of Apache, stock recovers early losses

A flagship of TVS Group, the two/three wheeler major, TVS Motors released sales report for its premium brand TVS Apache on Monday. TVS Apache which is one of the fastest growing motorcycle brands has achieved 3 million sales milestone. The stock of TVS recovered from 1.3 per cent loss and is trading flat from the previous close at 14:54 hours.

Customers have duly encouraged TVS Motors’ two launches of RTR 160 4V and RR 310. In general, TVS Apache brand spans across two basic categories viz, Naked and Super Sports. The RTR series belongs to the naked while and RR to the super sports category.

Earlier, TVS Motors posted 8 per cent YoY growth in its August month sales numbers to 3,43,217 units of which the two-wheeler sales were 3,30,076 units.

The stock of TVS Motors had formed a Hammer like pattern at the 52-week low of 507.35 made on July 31. Thereafter, the stock formed a Rounding Bottom and an Inverse Head and Shoulders pattern within the Rounding Bottom with a breakout at 587 and 571, respectively. During the reversal from its 52-week low, the stock also breached its 100-day EMA level and is now approaching the 200 day EMA level of 615. Oscillator above 6 along with justifiable volumes suggest some more upside in the near-term.