BSE Auto index hits record high
Eicher Motors, Hero MotoCorp and Bajaj Auto have rallied between 3% and 6% on BSE.
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Shares of automobiles companies mainly two-wheelers are on a roll with the S&P BSE Auto index hitting record high on the BSE on Thursday.
Eicher Motors, Hero MotoCorp and Bajaj Auto have rallied between 3% and 6%, while Ashok Leyland and Maruti Suzuki (India) up 1% each on the BSE.
At 02:57 pm; the S&P BSE Auto index was up 1% or 246 points at 23,239, as compared with 0.17% rise in the benchmark S&P BSE Sensex. The auto index hit a record high of 23,261 in intra-day trade, surpasses its previous high of 23,210 touched on September 8, 2016.
Eicher Motors, the largest gainer among auto pack, hit a record high of Rs 29,983, up 7.7% on BSE. The stock rallied 16% in past one week after the company posted 31% year on year (YoY) growth in its consolidated net profit at Rs 407 crore for Q4FY17. Earnings before interest, tax, depreciation and amortization (EBITDA) margin improved to 31% from 29.2%.
“Eicher’s business performance has been strong with Royal Enfield seeming unfazed by the slowdown in the Indian economy. With Indians lapping up cruiser bikes from Royal Enfield and witnessing huge waiting periods, Royal Enfield has now enhanced its capacity and looks set to make hay as the proverbial sun continues to shine,” said analysts at ICICI Securities in result update.
Hero MotoCorp has moved higher by 5% to Rs 3,483, bouncing back 5.6% from its early morning low of Rs 3,296 on BSE.
Eicher Motors, Hero MotoCorp and Bajaj Auto have rallied between 3% and 6%, while Ashok Leyland and Maruti Suzuki (India) up 1% each on the BSE.
At 02:57 pm; the S&P BSE Auto index was up 1% or 246 points at 23,239, as compared with 0.17% rise in the benchmark S&P BSE Sensex. The auto index hit a record high of 23,261 in intra-day trade, surpasses its previous high of 23,210 touched on September 8, 2016.
Eicher Motors, the largest gainer among auto pack, hit a record high of Rs 29,983, up 7.7% on BSE. The stock rallied 16% in past one week after the company posted 31% year on year (YoY) growth in its consolidated net profit at Rs 407 crore for Q4FY17. Earnings before interest, tax, depreciation and amortization (EBITDA) margin improved to 31% from 29.2%.
“Eicher’s business performance has been strong with Royal Enfield seeming unfazed by the slowdown in the Indian economy. With Indians lapping up cruiser bikes from Royal Enfield and witnessing huge waiting periods, Royal Enfield has now enhanced its capacity and looks set to make hay as the proverbial sun continues to shine,” said analysts at ICICI Securities in result update.
Hero MotoCorp has moved higher by 5% to Rs 3,483, bouncing back 5.6% from its early morning low of Rs 3,296 on BSE.
Topics : Hero MotoCorp