Eicher Motors shares hit fresh 52-week high, up 17% in November so far; here's why
Eicher Motors hit a new 52-week high of ₹3,860 apiece in today's trade, gaining 5.9%. The stock's bullish momentum began on the back of the release of the company's October business update on November 01.
In the current month, the stock has closed in the green for 8 out of the 10 sessions, with today's session standing out with a 5.57% rally. This robust performance has propelled the stock to a gain of nearly 17% for the month, with 10 more trading sessions remaining.
At current levels, the stock is just 1% away from reaching its all-time high of ₹3,889. Also Read: Auto Sales: 26.21 lakh vehicles sold in October 2023, highest ever sales in the month for PVs, says SIAM The company reported a 2% growth in sales at 76,075 units for models with engine capacities up to 350cc in October, while sales of engine capacities exceeding 350cc reached 8,360 units, up from 7,407 units, reflecting a 13% increase.
The total sales of motorcycles with engine capacities up to 350cc and those exceeding 350cc, reached 84,435 units in October 2023, compared to 82,235 units in October 2022, reflecting 3% growth. However, sales from the international segment dropped to 3,477 units in October from 5,707 in October 2022, which is a fall of 39%.
Also Read: Maruti Suzuki vs M&M: Which auto stock should you buy for long term? Currently, the premium bike market is largely dominated by Eicher Motors' Royal Enfield, the oldest motorcycle brand in continuous production that holds more than 90% of the market share in motorcycles with engine capacities greater than 250cc. In September, the company launched the Royal Enfield Bullet 350 in a new avatar, powered by the modern, globally acclaimed 349cc air-oil-cooled single-cylinder engine that also powers the
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