Eicher Motors picks up pace on strong motorcycle sales

Eicher Motors gained 0.96% to Rs 28,704 at 15:00 IST on BSE after the company said that motorcycle sales rose 25% to 60,696 units in May 2017 over May 2016.

The announcement was made during market hours today, 1 June 2017.

Meanwhile, the S&P BSE Sensex was up 3.70 points, or 0.01% to 31,158.90.

On the BSE, 5,469 shares were traded in the counter so far, compared with average daily volumes of 4,693 shares in the past one quarter. The stock had hit a high of Rs 29,000 and a low of Rs 28,545.05 so far during the day. The stock had hit a record high of Rs 29,983 on 11 May 2017. The stock had hit a 52-week low of Rs 18,006 on 24 June 2016.

The stock had outperformed the market over the past one month till 31 May 2017, gaining 9.26% compared with 4.1% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 17.63% as against Sensex's 8.36% gains. The scrip had outperformed the market in past one year, jumping 53.48% as against Sensex's 16.79% gains.

The large-cap company has equity capital of Rs 27.22 crore. Face value per share is Rs 10.

Separately, Eicher Motors said that sale volume of VE Commercial Vehicles, an unlisted subsidiary of the company fell 20.75% to 4,573 units in May 2017 over May 2016.

Eicher Motors' consolidated net profit rose 33.9% to Rs 459.44 crore on 22.9% rise in net sales to Rs 1876.54 crore in Q4 March 2017 over Q4 March 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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