At 2 pm, shares of TVS Motor traded with 8.5% gains at Rs 40.30 on the Bombay Stock Exchange, while the Sensex was up 1.7% or 299 points up at 17,347.
Citing strong correction in the stock price, Standard Chartered Bank upgraded the target price on the stock to Rs 62. TVS Motor stocks have fallen 46% in the last five months. The investment bank said valuations were attractive as the stock traded at 59% discount to Hero MotoCorp.
Hero MotoCorp is the market leader in the two-wheeler space in India.