Eicher Motors rose 5.42% to Rs 4,940 at 13:28 IST on BSE, extending recent gains triggered by a foreign brokerage upgrading the stock to buy from underperform.
Meanwhile, the BSE Sensex was up 110.94 points, or 0.53%, to 20,902.87.
On BSE, 7,706 shares were traded in the counter compared with average volume of 4,405 shares in the past one quarter.
The stock hit a high of Rs 5,106.20 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 4,681 so far during the day. The stock hit a 52-week low of Rs 2,512 on 28 March 2013.
Shares of Eicher Motors rose 3.07% to Rs 4,318.40 on Tuesday, 26 November 2013. The stock has risen 17.90% in five sessions from Rs 4,189.95 on Monday, 25 November 2013.
The stock had outperformed the market over the past one month till 29 November 2013, rising 20.17% compared with the Sensex's 0.65% fall. The scrip had also outperformed the market in past one quarter, rising 48.66% as against Sensex's 12.99% rise.
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The large-cap company has an equity capital of Rs 27.01 crore. Face value per share is Rs 10.
On Tuesday, 26 November 2013, a foreign brokerage upgraded the Eicher Motors stock to buy from underperform citing higher earnings forecasts due to an improved performance from the motorcycle division.
The broker raised Eicher Motors' share price target to Rs 6,000 from Rs 2,845 earlier.
Meanwhile, a media report on Wednesday, 27 November 2013, suggested that Royal Enfield, the motorcycle division of Eicher Motors, is eyeing various global markets, including Latin America and South East Asia to grow its international business, as it aims to become a significant player in the mid-sized motorcycle segment in the world.
According to the report, Royal Enfield, which expanded its motorcycle range in the country with the launch of 535 cc Continental GT, said the model has given it confidence and belief to do well in the global markets.
Royal Enfield has grown over 50% year-on-year for the last three years, Eicher Motors MD and CEO Siddhartha Lal was quoted by the media as saying.
Eicher Motors' consolidated net profit rose 62.75% to Rs 107.43 crore on 16.16% rise in total income to Rs 1751.33 crore in Q2 September 2013 over Q2 September 2012.
Eicher Motors, is the flagship company of the Eicher Group in India and a leading player in the Indian automobile industry. Its 50-50 joint venture with the Volvo group, VE Commercial Vehicles, designs, manufactures and markets reliable, fuel-efficient commercial vehicles of high quality and modern technology, engineering components and provides engineering design solutions. Eicher Motors manufactures and markets the iconic Royal Enfield motorcycles.
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