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Eicher Motors gains after good motorcycle sales in October

Eicher Motors Chief Executive Officer Siddhartha Lal (right) and President of Royal Enfield Rudratej Singh at Royal Enfield's new flagship store in New Delhi

Eicher Motors Chief Executive Officer Siddhartha Lal (right) and President of Royal Enfield Rudratej Singh at Royal Enfield's new flagship store in New Delhi

 

 

Eicher Motors rose 2.97% to Rs 24,736.05 at 10:39 IST on BSE after total motorcycle sales rose 33% to 59,127 units in October 2016 over October 2015.

On BSE, so far 2,492 shares were traded in the counter, compared with average daily volume of 3,586 shares in the past one quarter. The stock hit a high of Rs 24,957.35 and a low of Rs 24,200 so far during the day. The stock hit a record high of Rs 26,601.95 on 29 September 2016.

The stock hit a 52-week low of Rs 14,817.75 on 19 January 2016. The stock had underperformed the market over the past 30 days till 30 October 2016, falling 3.59% compared with 0.23% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 7.73% as against Sensex's 0.26% decline.

The large-cap company has equity capital of Rs 27.20 crore. Face value per share is Rs 10. Sales of motorcycle models with engine capacity upto 350cc rose 35% to 55,188 units in October 2016 over October 2015. Sales of motorcycle models with engine capacity exceeding 350cc rose 6% to 3,939 units in October 2016 over October 2015.

Total motorcycle exports rose 95% to 748 units in October 2016 over October 2015. On a consolidated basis, net profit of Eicher Motors rose 45.19% to Rs 413.16 crore on 35.14% rise in net sales to Rs 1748.44 crore in Q2 September 2016 over Q2 September 2015.

Eicher Motors (EML) is the flagship company of the Eicher Group. EML is one of the leading players in the Indian automotive space. EML owns the iconic Royal Enfield motorcycle business which leads the premium motorcycle segment in India. EML's joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets reliable, fuel-efficient trucks and buses.