Eicher moves north on foreign brokerage upgrade

Eicher Motors was up 0.82% to Rs 23,600.65 at 12:48 IST on BSE on reports that a foreign brokerage has upgraded the stock to buy from neutral earlier with increased target price of Rs 28,000.

Meanwhile, the S&P BSE Sensex was up 460.69 points or 1.69% at 27,713.22.

On BSE, so far 2,278 shares were traded in the counter as against average daily volume of 3,644 shares in the past one quarter. The stock was volatile. The stock rose as much as 2.52% at the day's high of Rs 24,000 so far during the day. The stock rose 0.7% at the day's low of Rs 23,575.10 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 underperformed the market over the past one month till 9 November 2016, sliding 9.28% compared with 2.88% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 6.1% as against Sensex's 2.96% fall.

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

On a consolidated basis, net profit of Eicher Motors rose 45.19% to Rs 413.16 crore on 35.14% rise in net sales to Rs 1748.44 crore in Q2 September 2016 over Q2 September 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