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Eicher Motors declines after weak November sales

Capital Market 

Eicher Motors fell 2.04% to Rs 22,425 after weak automobile sales in November 2019.

Total commercial vehicles sales declined 23.9% to 3,594 units in November 2019 from 4,720 units in November 2018.

Total exports tanked 36.1% to 502 units in November 2019 over 785 units in November 2018. Total domestic sales dropped 22.8% to 2,948 units in November 2019 compared with 3,817 units in November 2018.

Total commercial vehicles total sales fell 4.28% to 3,594 units in November 2019 from 3,755 units in October 2019.

Meanwhile, Royal Enfield's total two-wheeler sales dropped 8% to 60,411 units in November 2019 as against 65,744 units in November 2018. Total exports surged 195% to 2,119 units in November 2019 compared with 718 units in November 2018. The

Royal Enfield's total sales fell 16.05% in November 2019 compared with 71,964 in October 2019.

The announcement was made on Sunday, 1 December 2019.

Shares of Eicher Motors fell 2.90% in two trading sessions to its current market price of Rs 22,425 from its recent closing high of Rs 23,095.30 on Thursday, 28 November 2019.

In the past one month, shares of Eicher Motors rose 2.06% to its current market price of Rs 22,425, outperforming the Nifty Auto index's 4.44% fall in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 57.269. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 20,318.74 and its 200 DMA placed at Rs 19,621.60.

Eicher Motors' consolidated net profit rose 4.4% to Rs 572.69 crore on 9.3% decline in net sales to Rs 2,171.54 crore in Q2 September 2019 over Q2 September 2018.

Eicher Motors is a parent of Royal Enfiled that offers middleweight motorcycles in India. The company operates in business verticals, including motorcycles, commercial vehicles and personal utility vehicles.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 10:47 IST
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