Meanwhile, the S&P BSE Sensex was up 406.99 points or 2.06% at 20,127.51.
On BSE, 10,133 shares were traded in the counter as against average daily volume of 21,619 shares in the past one quarter.
The stock hit a record high of Rs 3,482.45 in intraday trade today, 15 May 2013. The stock hit a low of Rs 3,264 so far during the day. The stock had hit a 52-week low of Rs 1,620 on 21 June 2012.
The stock had outperformed the market over the past one month till 14 May 2013, rising 18.42% compared with the Sensex's 8.11% gain. The scrip also outperformed the market in past one quarter, rising 21.18% as against Sensex's 1.15% rise.
The mid-cap company has equity capital of Rs 27 crore. Face value per share is Rs 10.
Eicher Motors' 50:50 joint venture with the Volvo Group - VE Commercial Vehicles (VECV) reported expansion in market share to 13.9% in Q1 March 2013 from 11.1% in Q1 March 2012. The stock gained 6.68% on Tuesday, 14 May 2013.
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Eicher Motors' consolidated net profit declined 10.6% to Rs 97.94 crore on 3.2% growth in net sales to Rs 1708.60 crore in Q1 March 2013 over Q1 March 2012. The result was announced after market hours on Monday, 13 May 2013.
Eicher Motors' total sales fell 12.3% to 12,529 units in Q1 March 2013 over Q1 March 2012.
Commenting on VECV's performance Siddhartha Lal, Managing Director & CEO, Eicher Motors said, The commercial vehicle industry has been in the midst of a cyclical down-cycle and that has impacted all the players including VECV. This has been a challenging quarter for the commercial vehicle (CV) industry but even in these trying times VECV has continued to outpace the industry and improved its overall CV market share across all industry segments. VECV posted a strong financial performance in tough market conditions by its sharp focus on managing costs and working capital.
Eicher Motors said its division Royal Enfield was able to get good operating leverage in Q1 June 2013. It has managed to restrict costs as a result of which the best ever operating margin has been recorded at 15.9%.
Elucidating on Royal Enfield, Siddhartha Lal, Managing Director & CEO, Eicher Motors Limited said, Royal Enfield continues to power ahead even in Q1 June 2013. With its second plant at Oragadam commencing commercial production, Royal Enfield is now prepared for its next level of global growth.
The new facility has been conceived on a much larger tract of land and created with a master-plan that can take the eventual production to over 500,000 per year. With the speedy execution of the first phase of the plan, we will now have a capacity of 175,000 motorcycles in 2013, from both plants. We have already begun working on the second phase of expansion at Oragadam, which will further increase the production capacity to 250,000 motorcycles in 2014. With this new facility, we now have the ability to scale our production quantity quickly in response to market demand.
Royal Enfield has launched the new Bullet 500 in a phased manner in February 2013 in India which has been received very well. The much awaited Continental GT will be launched later this year, he further added.
Concluding his remarks, Siddhartha Lal, Managing Director & CEO, Eicher Motors Limited said, At Eicher, our focus has always been on a long term strategy. At VECV, we have been consistently working towards building a futuristic commercial vehicle company. We are actively pursuing all our plans, investing in every aspect of commercial vehicles- building infrastructure and creating a robust pipeline of differentiated products that will be launched starting this year. VECV's Eicher Engineering Components (EEC) division has recently commenced production at its new Rs. 90 crores plant in Dewas, Madhya Pradesh. At Royal Enfield, the ability to increase capacity fast and superior quality of motorcycles is a crucial step towards meeting our global ambitions. While we are adding new products and dealerships in the Indian market which is fuelling our growth, we are also working on building our presence globally. Higher investments into brand and distribution, as well as new products that are very appealing to international markets are going to be key for us to achieve global leadership in the mid-size motorcycle category. We are also progressing very well on our 50:50 joint venture with Polaris Industries Inc. where all project milestones are being met as per our plans.
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 also manufactures and markets the iconic Royal Enfield motorcycles that leads the premium motorcycle segment in India. EML's 50:50 strategic joint venture with US based Polaris Industries Inc., Eicher Polaris. will design, develop, manufacture and sell a full new range of personal vehicles.
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