Eicher Motors lost 2.76% to Rs 5000 at 10:39 IST on BSE, with the stock sliding on profit booking after recent rally triggered by a foreign brokerage upgrading the stock to buy from underperform.
Meanwhile, the S&P BSE Sensex was down 29.54 points or 0.14% at 20,825.38.
On BSE, 3,482 shares were traded in the counter as against average daily volume of 4,972 shares in the past two weeks.
The stock hit a high of Rs 5,225 and a low of Rs 4,969 so far during the day. The stock had hit a record high of Rs 5,294.95 on Tuesday, 3 December 2013. The stock had hit a 52-week low of Rs 2,512 on 28 March 2013.
Shares of Eicher Motors had rallied 10.42% in three trading sessions to settle at Rs 5,141.70 on Tuesday, 3 December 2013, from a recent low of Rs 4,656.25 on 28 November 2013.
On 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.
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Meanwhile, reports 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.
Eicher Motors' consolidated net profit rose 62.7% to Rs 107.43 crore on 13% growth in net sales to Rs 1661.64 crore in Q3 September 2013 over Q3 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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