Eicher Motors shares surge 4% on upbeat October sales data

NEW DELHI: Shares of Eicher Motors rallied nearly 4 per cent in Tuesday’s trade after the motorcycle and commercial vehicle maker reported 33 per cent jump in motorcycle sales for October. In a filing to BSE, the company said it sold some 59,127 units, up 33 per cent, over 44,522 units it had sold in the same month last year.

Following the announcement, the stock rose 3.89 per cent to hit a high of Rs 24,957 on BSE.

Models with engine capacity of up to 350cc showed 35 per cent sales growth at 55,188 units, while heavier vehicles exceeding 350cc in engine capacity saw 6 per YoY growth at 3,939 units during the same period. Exports grew 95 per cent YoY to 748 units.

Overall, the firm has sold 3,73,551 units in FY17 against 2,78,746 units in FY16, the automaker said. The company has reported a 45.19 per cent YoY rise in consolidated net profit at Rs 413.16 crore for the second quarter ended September 30.