Buy Eicher Motors, target price Rs 3650: Sharekhan by BNP Paribas

Sharekhan by BNP Paribas has buy call on Eicher Motors Ltd. with a target price of Rs 3650. The current market price of Eicher Motors Ltd. is Rs 3429.95. Eicher Motors Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 94357.44 Crore) operating in Auto sector.

Eicher Motors Ltd. key Products/Revenue Segments include Automobile - 2 Wheelers, Spare Parts & Components, Allied Products, Other Operating Revenue, Other Services, Scrap for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2023, the company reported a Consolidated Total Income of Rs 4229.58 Crore, up 5.48 % from last quarter Total Income of Rs 4009.83 Crore and up 22.73 % from last year same quarter Total Income of Rs 3446.12 Crore. Company reported net profit after tax of Rs 817.90 Crore in latest quarter.

Investment Rationale
Fresh breakout from a symmetrical triangular pat-tern. The daily MACD has come well into buy mode.

Promoter/FII Holdings
Promoters held 49.17 per cent stake in the company as of 30-Jun-2023, while FIIs owned 30.28 per cent, DIIs 9.85 per cent.