Force Motors Share Price Hits New High As Q1 Profit Surges Over 50%

Force Motors Ltd. share price scaled a fresh high in Thursday's session as the company reported a decent increase in its net profit for April–June. Its consolidated net profit advanced 52.4% on the year to Rs 176 crore from 116 crore.

Force Motors' topline advanced 21.9% on the year to Rs 2,297 crore from Rs 1,885 crore. Its operating profit rose 33.3% on the year to Rs 332 crore from Rs 249 crore. Its margin advanced 130 basis points in the first quarter of the current financial year.

Force Motors share price surged 19.6% to a record high of Rs 20,500 apiece. The share price was trading 18.88% higher at Rs 20,393 apiece as of 10:19 a.m., as compared to 0.21% decline in the NSE Nifty 50 index.

The stock jumped 147.35% in 12 months, and 213.40% on year-to-date basis. Total traded volume so far in the day stood at x times its 30-day average. The relative strength index was at x.

One analyst tracking the company maintain a 'buy' rating, according to Bloomberg data.