Eicher Motors Share Price: Shares of Royal Enfield maker Eicher Motors jumped by more than two and a half percent today even in weak market sentiment. It was the second highest rising stock on Nifty 50 today. The rapid rise in its shares was due to its strong September quarter results. It made record profit in the September quarter and not only profit but the quarter was also record breaking in terms of revenue and sales.
Eicher Motors Share Price: Shares of Royal Enfield maker Eicher Motors jumped by more than two and a half percent today even in weak market sentiment. It was the second highest rising stock on Nifty 50 today. The rapid rise in its shares was due to its strong September quarter results. It made a record profit in the September quarter and not only in profit but the quarter was also record breaking in terms of revenue and sales. Due to this, brokerages also became quite positive and investors bought heavily. In such a situation, the shares jumped 2.77 percent to Rs 3676.25 on BSE intra-day. There was a slight softening in the prices due to profit booking. At the end of the day it closed at Rs 3645.10 with a gain of 1.90 percent.
How was the September quarter for Eicher Motors?
Eicher Motors recorded a net profit of Rs 1,016 crore, up 55 per cent year-on-year in the September quarter, which is its record quarterly profit so far. According to exchange filing, operational revenue during this period jumped from Rs 3519 crore to Rs 4,114 crore.
Coal India shares at one year high on excellent quarter, brokerage increased target price
Another brokerage firm Morgan Stanney has given it an equal-weight rating and fixed the target at Rs 3552 due to its focus on new models and long-term growth of the platform. In the September quarter, Royal Enfield launched the new Bullet 350 which, according to the management, is quite successful in terms of demand. Morgan Stanley has also drawn attention to the fact that the company is working on launching Bullet in foreign markets in the next few months.
