Eicher Motors shares soar 9 pct on smart earnings

Written by Press Trust of India | Mumbai | Updated: Feb 14 2014, 02:03am hrs
Eicher sharesThe auto firm's scrip closed at Rs 4,825.20, up 9.16 per cent on the BSE. PTI
Shares of Eicher Motors today surged 9 per cent after it posted 32.35 per cent rise in net profit for the quarter ended December 31.

The auto firm's scrip closed at Rs 4,825.20, up 9.16 per cent on the BSE. During the day, it had soared 10.98 per cent to Rs 4,905.95.

At the NSE, the stock settled 8.30 per cent higher at Rs 4,806.05.

Eicher Motors yesterday posted 32.35 per cent rise in consolidated net profit at Rs 96.25 crore for the fourth quarter ended December 31, 2013.

The company, which follows January-December fiscal, had posted net profit of Rs 72.72 crore during the same period of previous financial year.

Consolidated net sales of the company rose to Rs 1,663.96 crore for the fourth quarter, compared to Rs 1,630.49 crore during the same period of previous fiscal, Eicher Motors said in a filing to the BSE.

The company's board recommended 300 per cent dividend on the equity share capital (Rs 30 per share), subject to the approval of shareholders.

Eicher Motors plans to invest Rs 600 crore in two years to ramp up production capacity of its motorcycle division Royal Enfield and also to develop new global platforms as well launching new bikes starting 2016.