Eicher Motors corrects on profit booking

Eicher Motors fell 4.28% to Rs 7125.90 at 14:10 IST on BSE on profit booking after the stock spurted 17.51% in the preceding four trading sessions to Rs 7,444.85 on 23 May 2014, from a recent low of Rs 6,335.25 on 19 May 2014.

Meanwhile, the BSE Sensex was up 259.39 points, or 1.05%, to 24,952.74.

On BSE, so far 2,211 shares were traded in the counter, compared with an average volume of 3,496 shares in the past one quarter.

The stock hit a high of Rs 7,444 and a low of Rs 7,125.90 so far during the day. The stock hit a record high of Rs 7,500 on 23 May 2014. The stock hit a 52-week low of Rs 2,975 on 21 August 2013.

The stock had outperformed the market over the past one month till 23 May 2014, rising 19.34% compared with 7.94% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 52.80% as against Sensex's 19.29% rise.

The large-cap company has an equity capital of Rs 27.09 crore. Face value per share is Rs 10.

Eicher Motors' consolidated net profit surged 42% to Rs 139.12 crore on 11.2% growth in net sales to Rs 1899.91 crore in Q1 March 2014 over Q1 March 2013.

Eicher Motors, is the flagship company of the Eicher Group in India and a leading player in the Indian automobile industry. Its 50-50 joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets reliable, fuel-efficient commercial vehicles of high quality and modern technology, engineering components and provides engineering design solutions. Eicher Motors manufactures and markets the iconic Royal Enfield motorcycles.

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