Eicher Motors stock jumps 7% to record high, crosses ₹4,000 mark; here's why
Eicher Motors, part of the Nifty 50 index, crossed the ₹4,000 apiece mark for the first time in today's session, recording a new all-time high of ₹4,164.90 apiece, up by 7%. The company's shares have been trading on an ex-split basis with a 1:10 ratio since August 25, 2020. In November, the shares jumped 18.25%, registering the largest monthly gain in 3 years.
However, in a year-to-date comparison with the Nifty Auto index, the stock has shown relative underperformance. While the Nifty Auto index surged by 39.50% this year, Eicher Motors' shares gained 26.23%. Also Read: Hero MotoCorp, BPCL, Coal India, Bajaj Auto and Eicher are top 5 Nifty 50 gainers that helped Nifty scale new high On Friday, the company released its sales numbers for November, posting a 13% growth in sales at 74,275 units for models with engine capacities up to 350cc, while sales of engine capacities exceeding 350cc reached 5,976 units, up from 4,810 units, reflecting a 24% increase.
The total sales of motorcycles with engine capacities up to 350cc and those exceeding 350cc, reached 80,251 units in November 2023, compared to 70,766 units in November 2022, reflecting 13% growth. The sales from the international segment reached 5,114 units in November from 5,006 in November 2022, which is a marginal rise of 2%. Also Read: Jefferies says these three automakers are its top stock picks among 8 Indian companies; See full list The sales of trucks and buses in the domestic market jumped to 4,686 units in November 2023, compared to 4,483 units in the corresponding period last year.
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