The company, having 14% market share in the segment, is targeting to sell 25,000 units of TVS Victor per month this year. The motorcycle was relaunched in January after being discontinued in 2007.

Insurance companies say that the aircraft parts will be sold for scrap to recover part of the costs. “The damages to the jets and its parts are severe and cannot be restored. Hence, we will have to dismantle and sell parts as scrap, though we will only be able to recover 20-30 per cent of the costs,” said chairperson and managing director of a large public sector general insurer which had exposure to these jets.

The firm holds 33,25,000 shares held in TVS Europe Distribution and also proposes to purchase / acquire 15,89,699 compulsory convertible preference shares (CCPS) in TVS Automobile Solutions Limited (TVS ASL) amounting to Rs 40 crore.

The Chennai-based two-wheeler maker posted net profit of Rs.107.7 crore, compared with Rs.90.18 crore a year ago. The earnings fell below the estimate of Rs.124 crore in a Bloomberg survey.

The firm had posted a net profit of Rs 90.18 crore for the same period of previous fiscal.

“We are launching these two significant bikes that are designed to get us significantly improved market share in motorcycle segment. We have spent about Rs.300 crore in developing the two bikes. Our products will meet not just Indian standards, but also global standards,” Venu Srinivasan, Chairman, TVS Motor Company said after unveiling the new bikes.

The TVS Apache RTR 200 will be powered by a 197.75cc, air-cooled, single-cylinder with with 4 valves. This engine, mated to a 5-speed gearbox, develops 20.23bhp at 8,500rpm and 18.1Nm at 7,000rpm. Weighing 148kg, the vehicle can achieve the 60kmph mark from standstill in 3.9 seconds at a top speed of 130kmph.

The company said that it would continue to provide the feature where ever it is appropriate and others can also benefit from the claimed invention.

The Chennai-based company had sold 1,94,481 in the same month last year.

"Incessant rains for the past three weeks in Chennai have had an adverse effect on company's production during this period. The company suffered sales loss of approximately 15,000 units due to inclement weather", TVS Motor said in a statement.