Eicher Motors on Wednesday appointed Kaleeswaran Arunachalam as the chief financial officer (CFO) of the company effective 6 May 2020.
Kaleeswaran will report to Vinod K Dasari, CEO - Royal Enfield, and will be part of the management team of Royal Enfield. He will lead the finance function for Eicher Motors.
Kaleeswaran takes on role from Lalit Malik who has been the CFO of the company for the last 10 years. Lalit continues to be the chief commercial officer of Royal Enfield.
Meanwhile, Royal Enfield on Wednesday (6 May) said it has resumed operations at its manufacturing plants. The company, which is a part of Eicher Motors, had suspended manufacturing operations on 23 March, in line with the government directives of lockdown to curtail the spread of COVID -19.
Subsequent to the new directives issued by the government on 1 May, with regards to resumption of manufacturing, industrial and commercial business activities, the company has resumed operations at its manufacturing facilities starting 6 May, Royal Enfield said in a statement.
Eicher Motors' consolidated net profit fell 6.4% to Rs 498.70 crore on a 1% rise in net sales to Rs 2,350.45 crore in Q3 December 2019 over Q3 December 2018.
Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles (VECV) - which operates in India's commercial vehicle space. VECV has a complete range of trucks and buses from 5-55 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group.
Shares of Eicher Motors rose 0.58% to Rs 13,948.55 on BSE. The scrip hovered in the range of Rs 13,650 to Rs 13,994.30 so far.
On the technical front, the stock's RSI (relative strength index) stood at 46.261. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 20-day moving average (DMA) placed at 13,825.82 and its 200-day moving average (DMA) placed at 18,391.96.
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