Royal Enfield Sees 22% Uptick In Sales In June, Eicher Shares Trade Higher

Eicher Motors Ltd.'s shares saw a sharp rise after Royal Enfield posted strong sales and export numbers for the month of June.

Royal Enfield sales rose 22% for the month at 89,540 units. The total exports saw a stellar jump, with a 79% rise to 12,583 units year-on-year.

In May, Royal Enfield had reported a 26% jump in total sales at 89,429 units for the month. This was compared to 71,010 units in the month of May last year. Domestic sales were at 75,820 units and were also up 19% compared to May last year.

Eicher Motors stock rose as much as 1.64% during the day to Rs 5,739 apiece on the NSE. It was trading 0.93% higher at Rs 5,709 apiece, compared to a 0.9% advance in the benchmark Nifty 50 as of 12:22 p.m.

It has risen 23.30% in the last 12 months and 18.52% on a year-to-date basis. The relative strength index was at 62.

Twenty out of the 40 analysts tracking the company have a 'buy' rating on the stock, 12 recommend a 'hold' and eight suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 5,568, implying a downside of 2.5%.