Eicher Motors in top gear on Volvo's mega investment plans

capital market | Mumbai |

Eicher Motors advanced 3.36% to Rs 2407.05 at 12:11 IST on BSE after the world's second-largest truck maker by revenue Volvo reportedly proposed to invest around Rs 1800 crore in joint venture company, VE Commercial Vehicles.

Meanwhile, the BSE Sensex was up 21.03 points or 0.11% to 18,360.03

On BSE, 1.22 lakh shares were traded in the counter as against average daily volume of 3,429 shares in the past one quarter.

The stock hit a high of Rs 2447 and a low of Rs 2340 so far during the day. The stock had hit a record high of Rs 2636.90 on 6 November 2012. The stock had hit a 52-week low of Rs 1376.05 on 20 December 2011.

The mid-cap stock outperformed the market over the past one month until 19 November 2012, rising 1.19% compared with the Sensex's 1.84% fall. The stock, also outperformed the market in past one quarter, rising 4.59% as against 3.66% rise in the Sensex.

The company has an equity capital of Rs 27 crore. Face value per share is Rs 10.

Reportedly Swedish truck, bus and earth-moving equipment maker Volvo proposed to invest around Rs 1800 crore in VE Commercial Vehicles for product development, research and developing new facilities. An equal stakes joint venture between with Eicher Motors and Volvo group, VE Commercial Vehicles sells Volvo-branded trucks and Eicher-badged trucks and buses.

Eicher Motors' consolidated net profit fell 10.5% to Rs 66.01 crore on 3.4% growth in net sales to Rs 1470.70 crore in Q3 September 2012 over Q3 September 2011.

Eicher Motors is the flagship company of the Eicher Group in India and a leading player in the Indian automobile industry. Eicher Motors manufactures and markets the iconic Royal Enfield motorcycles.

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