Eicher Motors rose 1.02% to Rs 19,494.15 at 11:06 IST on BSE after the firm said its 50:50 joint venture with Polaris Industries Inc viz. Eicher Polaris, announced the launch of Multix - India's First Personal Utility Vehicle today, 18 June 2015.
The announcement was made during market hours today, 18 June 2015.
Meanwhile, the S&P BSE Sensex was up 265.92 points or 0.99% at 27,098.58.
On BSE, so far 3,799 shares were traded in the counter as against average daily volume of 29,053 shares in the past one quarter.
The stock hit a high of Rs 19,675.80 so far during the day, which is record high for the counter. The stock hit a low of Rs 19,325 so far during the day. The stock had hit a 52-week low of Rs 7,061.60 on 23 June 2014.
The stock had outperformed the market over the past one month till 17 June 2015, rising 3.16% compared with Sensex's 1.8% fall. The scrip had also outperformed the market in past one quarter, surging 21.1% as against Sensex's 6.62% fall.
The large-cap company has equity capital of Rs 27.14 crore. Face value per share is Rs 10.
Eicher Polaris, a 50:50 joint venture (JV) between Eicher Motors and Polaris Industries Inc., announced the launch of Multix - India's First Personal Utility Vehicle today, 18 June 2015, thereby creating a new category in the automotive segment. Multix is specially designed for independent businessmen, having an estimated population of 5.8 crore in India, Eicher Motors said. Purpose-built, specially designed and powered by a reliable diesel engine, Multix will be available in two variants and four colors, starting at a price of Rs 2.32 lakh (ex-showroom Jaipur), Eicher Motors said.
On a consolidated basis, Eicher Motors' net profit rose 40.4% to Rs 195.28 crore on 33.3% growth in net sales to Rs 2532.97 crore in Q1 March 2015 over Q1 March 2014.
Eicher Motors (EML) is the flagship company of the Eicher Group. As the manufacturer of India's first agricultural tractor in 1959, EML emerged as a major catalyst for India's green revolution. EML is now a leading player in the Indian automotive space. Its joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets reliable, fuel-efficient trucks and buses; and is leading the path in driving modernization in commercial transportation in India and other developing markets. Eicher Motors also owns the iconic Royal Enfield motorcycle business, which leads the premium motorcycle segment in India.
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