Eicher Motors gains 6% on capex plans

Eicher Motors has gained on reports that VE Commercial vehicles is aiming for the top slot in the LMD trucks segment.

Shares of Eicher Motors are trading higher by 6% on the BSE on reports that VE Commercial Vehicles, a 50:50 joint venture between Eicher Motors and Volvo Group, is aiming to capture the number one position in the light-to-medium duty (LMD) trucks segment in terms of market share.

 

"We are clearly the number two player in the LMD segment and we are slowly inching towards to become the largest player in few years” Sr VP (sales and marketing) of VE Shyam Mallar told PTI.

 

Mallar said the company had invested around Rs 2,500 crore in setting up manufacturing facilities near Indore for trucks and buses.

 

VE is also manufacturing heavy duty trucks, which according to him, was the highest growing segment in the last five months.

 

The stock opened at Rs 14,150, touched a high of Rs 14,965 and a low of Rs 14,107 on the BSE. A total of 8,621 shares changed hands on the BSE so far.