Buy Eicher Motors, target price Rs 2890: Yes Securities

Yes Securities has buy call on Eicher Motors with a target price of Rs 2890. The current market price of Eicher Motors Ltd. is Rs 2724.8. Time period given by analyst is Intra Day when Eicher Motors Ltd. price can reach defined target.

Eicher Motors Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 74518.17 Crore) operating in Auto sector.

Eicher Motors Ltd. key Products/Revenue Segments include Automobile - 2 Wheelers, Spare Parts & Components, Traded Goods, Other Services, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 2972.79 Crore, up 26.06 % from last quarter Total Income of Rs 2358.20 Crore and up .66 % from last year same quarter Total Income of Rs 2953.30 Crore. Company reported net profit after tax of Rs 420.19 Crore in latest quarter.

Investment Rationale
The stock has broken out of a narrow cluster of consolidation phase suggesting a possible short covering rally in the coming sessions. Technical Indicators are also favouring the same.

Promoter/FII Holdings
Promoters held 49.22 per cent stake in the company as of 31-Dec-2021, while FIIs owned 29.45 per cent, DIIs 9.74 per cent.