Eicher Motors board to mull stock split on 12 June

Eicher Motors on Monday (25 May 2020) said that its board will consider sub-division of the equity shares of face value of Rs 10 each on 12 June 2020.

The board will also consider Q4 March 2020 results on the same day. The company's consolidated net profit fell 6.4% to Rs 498.70 crore on 1% rise in net sales to Rs 2,350.45 crore in Q3 December 2019 over Q3 December 2018.

Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles (VECV) - which operates in India's commercial vehicle space. VECV has a complete range of trucks and buses from 5-55 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group.

Shares of the auto maker declined 1.10% to Rs 13,918.25 on Friday.

On the technical front, the stock's RSI (relative strength index) stood at 48.752. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently below its 50-day, 100-day and 200-day simple moving average (DMA) placed at 14413.04, 17137.23 and 18167.14, respectively.

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