Eicher Motors rose 1.77% to Rs 21,815.65 after the company said its shareholders approved the proposed 10-for-1 stock split.
The shareholders of Eicher Motors on 10 August 2020 approved sub-division of each existing equity share of face value of Rs 10 each into ten equity shares of face value of Re 1 each. The record date for the purpose of sub-division of equity shares will be intimated in due course. The move is aimed at facilitating larger shareholder base and aid liquidity, Eicher Motors said in a regulatory filing. The stock split plan was approved by the company's board in June 2020.
Eicher Motors' consolidated net profit slumped 44.2% to Rs 304.28 crore on 11% drop in net sales to Rs 2,190.32 crore in Q4 March 2020 over Q4 March 2019.
Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles (VECV) which operates in India's commercial vehicle space. VECV has a complete range of trucks and buses from 5-55 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group.
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