Eicher Motors hits record high; rises over 9% in six days

17 Aug 2022 , 02:37 PM

Shares of the Eicher Motors have rallied 9.51% in six trading sessions from its previous closing low of Rs 3,087.45 posted on 5 August 2022. The counter hit a record high of Rs 3,433.05 in intraday today. The stock has climbed 60.24% from its 52-week low of Rs 2,110 recorded on 7 March 2022. On the BSE 24,000 shares were traded in the counter so far compared with average daily volumes of 35,000 shares in the past two weeks. The counter saw demand after the company reported strong Q1 earnings on 10 August 2022. The companys consolidated net profit zoomed 157.81% to Rs 611 crore in Q1 FY23 from Rs 237 crore posted in Q1 FY22. Total revenue from operations was recorded at Rs 3,397 crore, up 72% as compared to Rs 1,974 crore in the corresponding quarter of FY 2021-22. EBITDA was Rs 831 crore as compared to Rs 363 crore in the same quarter of the previous financial year. Royal Enfield sold 186,032 motorcycles in the quarter, an increase of 52% from 122,170 motorcycles sold over the same period in FY 2021-22. In the past one year, the stock has surged 34.38% while the benchmark Sensex climbed 7.97% during the same period. On the technical front, the stocks daily RSI (relative strength index) stood at 76.676. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 2,939.23, 2,753.51 and 2,663.16, respectively. These levels will act as crucial support zones in near term. Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Swedens AB Volvo – Volvo Eicher Commercial Vehicles which operates in Indias commercial vehicle space. Powered by Capital Market – Live News