Shares of the Royal Enfield maker advanced over 1% after the Gurgaon-based automaker reported a 22% rise in the sales for the month of August 2017.
Shares of the Royal Enfield maker advanced over 1% on Friday after the Gurgaon-based automaker reported a 22% rise in the sales for the month of August 2017. The total motorcycles sales for the month of August 2017 grew 22% to 67,977 units as compared to 55,721 units in the same month of previous fiscal. The stock of Eicher Motors rose as much as 1.82% to the day’s high of Rs 31,976.95 on BSE today.
The rise in the sales for August was due to the demand for its Royal Enfield motorcycles with capacity up to 350 cc, as shown in an exchange filing. There is an increase of 29% in the sales of the Royal Enfield bikes motorcycles with capacity up to 350cc as the company sold 63,637 units of it as compared to 49,481 units sold in the same month last year. However, the sales of models with capacity above 350 cc dropped 30% to 4,340 units versus 6,240 units in August 2016.
The exports of Eicher Motors saw an appreciation of 12.06% to 1,105 units for the month of August 2017 versus 986 units in the corresponding month last year. Earlier this month, the commercial vehicle maker reported a 22.14% rise in consolidated net profit to Rs 459.62 crore for the first quarter ended 30 June 2017. The company had posted a net profit of Rs 376.29 crore during the April-June quarter a year-ago. Its total consolidated income was up 29.49% to Rs2,332.67 crore during the quarter under review as against Rs 1,801.30 crore in the corresponding quarter of last fiscal.
Shares of Ashok Leyland also surged over 5% after Hinduja Group flagship company reported a 25.11% increase in total sales at 13,634 units in August. The company had sold 10,897 units in the same month last year. The stock of Ashok Leyland rose as much as 5.56% to the day’s high of Rs 113 on BSE today. Sales of medium and heavy commercial vehicles grew by 28.85% to 10,567 units as against 8,201 in the year-ago month, the company said in a statement. Light commercial vehicle sales rose 13.76% to 3,067 units compared to 2,696 in August last year, it added.