Eicher Motors moves north after strong monthly sales

Eicher Motors was up 2.67% to Rs 25,567 at 9:53 IST on BSE after the company said that its motorcycle division reported a 30% jump in total sales at 57,842 units in September 2016 over September 2015.

The company announced the monthly sales volume data on Saturday, 1 October 2016.

Meanwhile, the S&P BSE Sensex was up 258.68 points or 0.93% at 28,124.64.

On BSE, so far 1,542 shares were traded in the counter as against average daily volume of 4,084 shares in the past one quarter. The stock hit a high of Rs 25,873.70 and a low of Rs 25,125 so far during the day. The stock had hit a record high of Rs 26,601.95 on 29 September 2016. The stock had hit a 52-week low of Rs 14,817.75 on 19 January 2016. The stock had outperformed the market over the past one month till 30 September 2016, advancing 8.13% compared with 1.68% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 29.62% as against Sensex's 3.21% rise.

The large-cap company has equity capital of Rs 27.20 crore. Face value per share is Rs 10.

Eicher Motors' motorcycle division exports rose 18% to 884 units in September 2016 over September 2015.

Separately, Eicher Motors announced on Saturday, 1 October 2016 that VE Commercial Vehicles (VECV) reported a 14% increase in total sales at 4,843 units in September 2016 over September 2015.

On a consolidated basis, Eicher Motors' net profit surged 58.61% to Rs 376.29 crore on 42.04% growth in net sales to Rs 1549.74 crore in the quarter ended 30 June 2016 over the quarter ended 30 June 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.

Powered by Capital Market - Live News