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Last Updated : Jan 02, 2017 11:43 AM IST | Source: Moneycontrol.com

Eicher Motors shares surge 5% after stellar Dec sales growth

Shares of Eicher Motors gained nearly 5 percent intraday Monday after reporting solid sales growth for Royal Enfield in December despite currency demonetisation.

 
 
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Moneycontrol Bureau


Shares of Eicher Motors gained nearly 5 percent intraday Monday after reporting solid sales growth for Royal Enfield in December despite currency demonetisation.


Total Royal Enfield sales during the month grew by 42 percent to 57,398 units compared with 40,453 units sold in year-ago period while month-on-month growth was only 0.14 percent.

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Exports also surged 160 percent year-on-year to 1,082 units but fell 26.4 percent compared with previous month.


Its sales for the nine-month period ending December 2016 grew by 36 percent to 4.88 lakh units on yearly basis.

However, Eicher Motors' commercial vehicle sales disappointed analysts, falling 21 percent year-on-year to 3,246 units in the month gone by. Exports also declined 16 percent to 700 units on yearly basis.

VE Commercial Vehicles, the joint venture between Volvo Group and Eicher Motors, has sold 4,048 units in December as compared to 5,063 units in same month year-ago period, recording a decline of 20 percent. However, on year-to-date basis, it continued to have a handsome growth of 13.1 percent with YTD sales of 41,263 units as against last year YTD of 36,472 units.


At 10:41 hrs Eicher Motors was quoting at Rs 22,453.30, up Rs 690.20, or 3.17 percent.

Posted by Sunil Shankar Matkar



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First Published on Jan 2, 2017 11:13 am
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