Eicher Motors' stock saw profit booking on Monday

4 Oct 2022 , 09:02 AM

In intraday trade on Monday, shares of Eicher Motors fell 5.5% to Rs 3,472 on the BSE due to profit-taking after the business announced a volume rise of 17.1% month-over-month (MoM) at 82,097 units in September. From its earlier today record high of Rs3,800, the stock dropped by 9%.

Despite today’s decline, Eicher Motors’ stock has beaten the market by rising 25% over the last three months, compared to the S&P BSE Sensex’s 7% increase. It has increased 40% over the last six months compared to the benchmark index’s 4% fall.

Royal Enfield (RE), the market leader in the middleweight motorbike category, has Eicher Motors as its listed parent company (250cc – 750cc). The volume prints for the month of September for Royal Enfield were outstanding and recently reached a multi-year high. The holiday season, which appears to be off to a promising start, will determine the demand for the two-wheeler (2Ws) market.

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