Shares of Eicher Motors surged 3.4 percent on Monday, April 03, after the company reported strong sales figures for its Royal Enfield and VE Commercial Vehicles (VECV) for March and fiscal year 2023.
During Monday’s trade, the stock opened at a price of Rs. 3,050 per share, over 3 percent higher than the previous close of Rs. 2,948.85 per share. It was trading at ₹3,018 apiece, up by 2.34 percent, at 11:10 a.m. on the NSE.
The stock touched a 52-week high of Rs. 3,889.65 on November 01, 2022 and a 52-week low of Rs. 2,310.10 on May 09, 2022, indicating that at the current level, the stock is trading 30.6 percent above its 52-week low and 20.4 percent below its 52-week high.
The stock has declined nearly 3.5 percent in the last one month. Moreover, in the past six months, it has declined by almost 13 percent. However, the stock has yielded a return of over 20 percent in the last one year.
On Saturday, the auto manufacturer said it has posted spectacular growth in the international markets, as it crossed the one lakh mark in export volumes for FY23. This is the first time that the company has exported more than 1 lakh motorcycles in a single year, registering a 23 percent increase from the previous financial year.
The company’s premium Royal Enfield reported its highest-ever overall sales in history with 8,34,895 motorcycles sold in the fiscal year ending March 2023. It is a 39 percent increase over the previous year.
In the domestic market, Royal Enfield registered sales of 7,34,840 motorcycles which is a 41 percent growth over the previous financial year.
Royal Enfield grew 6.73 percent with 72,235 motorcycles sold in March compared to 67,677 in the same period last year.
Meanwhile, Eicher Motors’ VECV sales numbers registered a 35.2 percent growth at 11,906 units in March 2023 against 8,803 units sold in the same month last year. The sales volume of VECV grew by 39.5 percent at 79,623 units in the complete financial year 2022-23 against 57,077 units sold in the corresponding financial year.
Eicher Motors is engaged in the manufacturing and selling of motorcycles, spare parts and related services.
According to a MintGenie poll, 36 analysts on an average have a ‘BUY’ call on the stock.
