Eicher Motors 1.25% to Rs 20,929 at 09:21 IST on BSE after Royal Enfield yesterday, 17 August 2015, announced the setting up of a direct distribution subsidiary in North America.
The announcement was made after market hours yesterday, 17 August 2015.
Meanwhile, the BSE Sensex was up 139.08 points, or 0.5%, to 28,017.35
On BSE, so far 634 shares were traded in the counter, compared with an average volume of 29,478 shares in the past one quarter.
The stock hit a high of Rs 21,037.50 and a low of Rs 20,850 so far during the day. The stock hit a record high of Rs 21,618.30 on 21 July 2015. The stock hit a 52-week low of Rs 9,706 on 28 August 2014.
The large-cap company has an equity capital of Rs 27.14 crore. Face value per share is Rs 10.
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Eicher Motors owns the iconic Royal Enfield motorcycle business, which leads the premium motorcycle segment in India. Royal Enfield yesterday, 17 August 2015, announced the setting up of its first operating direct distribution subsidiary outside India, in North America. The subsidiary will directly sell to dealers, customers and directly conduct all market development and support activities for the Royal Enfield brand in North America. This strategic announcement is in line with Royal Enfield's focused international thrust of leading and expanding the global mid-sized 250cc-750cc motorcycle segment, with North America representing a priority market for the company.
Royal Enfield North America, President, Rod Copes said that the company's first fully branded retail store in the US will soon be launched in Milwaukee that will retail its entire product line-up of motorcycles and gear. Over the next 18 months, the company plans to launch several such stores in key metropolitan areas across the US, he added.
Royal Enfield's current product line-up in North America includes Bullet 500cc, Classic 500cc and the Continental GT 535cc cafe racer.
On a consolidated basis, Eicher Motors' net profit rose 40.9% to Rs 221.83 crore on 29.2% growth in total income to Rs 2923.48 crore in Q2 June 2015 over Q2 June 2014.
Eicher Motors (EML) is the flagship company of the Eicher Group. EML is one of the leading players in the Indian automotive space. EML's joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets fuel-efficient trucks and buses. It owns the iconic Royal Enfield motorcycle business, which leads the premium motorcycle segment in India.
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