Shares of TVS Motor were up 3% after JP Morgan upgraded the stock to “overweight”.

What Happened: TVS Motor launched Jupiter 110 scooter starting at a price of ₹73,700. The company said the model has 7%-10% better fuel efficiency compared to other models in the category. The company invested ₹150 crore for the scooter’s development.

Brokerage Views: In its report on Indian two wheelers, JP Morgan upgraded TVS Motors to "overweight" and raised the target price by 32% to ₹3,050. The brokerage said the company's market share has remained resilient despite a resurgent push from Honda and aggression from Ola in the electric vehicle (EV) segment.

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The research firm expects a consensus earnings per share upgrade when the company will resume its launch cycle of Internal Combustion Engine and EVs. The company is also yet to account for its PLI benefits unlike its peers, the research firm added. JP Morgan also raised the FY26-27 EPS estimates by 5%-18%.

UBS also maintained “buy” and hiked the target price to ₹3,200. The brokerage said the new Jupiter is a significant improvement over old models and peers at similar price. The brokerage said the new model will help add 15,000-20,000 units un terms of volumes. The additional volumes represent 5% and 7% of domestic 2 wheeler and TVS’ volumes respectively, the brokerage added.

Price Action: Shares of TVS Motor surged 4.12% to intraday high of ₹2,818 on Friday morning.

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