Eicher Motors gains after good sales in September

Eicher Motors rose 1% to Rs 31,480.80 at 10:04 IST on BSE after the company said its total Royal Enfield sales rose 22% to 70,431 units in September 2017 over September 2016.

The announcement was made on Sunday, 1 October 2017.

Meanwhile, the S&P BSE Sensex was up 214.95 points, or 0.69% to 31,498.67.

On the BSE, 686 shares were traded in the counter so far, compared with average daily volumes of 2,926 shares in the past two weeks. The stock had hit a high of Rs 31,974.40 and a low of Rs 31,478.30 so far during the day.

Eicher Motors said total Royal Enfield exports grew by 17% to 1,038 units in September 2017 over September 2016.

Meanwhile, VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, reported 25.60% rise in total sales to 6,083 units in September 2017 over September 2016.

On a consolidated basis, net profit of Eicher Motors rose 22.15% to Rs 459.62 crore on 28.52% rise in net sales to Rs 1991.78 crore in Q1 June 2017 over Q1 June 2016.

Eicher Motors is a leading player in the Indian automotive space. Eicher Motors owns the iconic Royal Enfield motorcycle business, which leads the premium motorcycle segment in India. The company's joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets trucks and buses. The company's joint venture with US-based Polaris Industries Inc launched the Multix, a new 3-in-1 vehicle purpose built for the independent businessman in June 2015.

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