Shares of Eicher Motors Ltd. touched an all-time high on Monday after its motorcycle sales rose 13% in November compared with the corresponding month last year.
November Sales
Total motorcycles sales gained 13% year-on-year to 80,251 units.
Exports rose 2% to 5,114 units.
The sales of models with engine capacity up to 350cc rose 13%.
Engine capacity exceeding 350cc sales jumped 24%.
Shares of the company rose as much as 2.48% during the day to Rs 3,987.65 per share on the NSE. It was trading 2.32% higher at Rs 3,981.40 apiece compared to a 1.48% advance in the benchmark Nifty 50 as of 11:12 a.m.
It has risen 22.9% on a year-to-date basis. The total traded volume so far in the day stood at three times its 30-day average. The relative strength index was at 74.
Twenty-five out of 44 analysts tracking Eicher Motors maintain a 'buy' rating on the stock, 13 recommend a 'hold' and six suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 20%.
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