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Eicher Motors hits new high, stock surges nearly 80% in one year

Analyst at Motilal Oswal Securities maintains 'Buy' rating on the stock with a two-year target price of Rs 4,852.

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SI Reporter Mumbai
Eicher Motors is trading higher by 4% at Rs 4,350, also its historic high on the Bombay Stock Exchange (BSE).

Shares of two-three wheelers maker has outperformed the market by surging nearly 80% in past one year from Rs 2,427 on November 23, 2012, compared to 11% rise in benchmark S&P BSE Sensex.

The company had reported a robust performance for the first nine months ended September 2013. On standalone basis, net profit of the company almost doubled to Rs 212 crore in January-September 2013 as against Rs 111 crore during the same period last year. The company had profit of Rs 145 crore in entire previous year 2012.

On consolidated basis, net profit grew 18% year-on-year at Rs 298 crore during the first nine months of current year.

Analyst at Motilal Oswal Securities maintains ‘Buy’ rating on the stock with a two-year target price of Rs 4,852.

“With several projects coming on stream in CY13-14 driving 26% sales and 32.8% EBITDA CAGR over CY13-15E, Eicher Motors is at an inflection point. Royal Enfield continues to benefit from capacity expansion, product actions and network expansion. VE Commercial Vehicles will benefit from MDEP ramp-up and launch of new range of CVs,” analyst said in report dated November 8.

 
 

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First Published: Nov 26 2013 | 10:18 AM IST

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