Eicher Motors misses estimates, stock trades lower
Eicher Motors reacted negavtively to the announcement of its quaterly results. The stock had initially moved down as much as 3%, making a low of Rs 29,648. However, from there the stock has recovered and is currently trading at Rs 30,100, down by Rs 461.85 or 1.51% from its previous closing of Rs 30,561.85 on the BSE.
Eicher Motors reported its highest ever net income from operations at Rs 2,167 Cr for Q2FY18, an increase of 23.5% YoY. The company reported a Profit After Tax of Rs 518 Cr for Q2FY18 against Rs 413 Cr in Q2FY17, an increase of 25% YoY.
Domestic motorcycle and commercial vehicles posted volume growth of 21.7% and 12.4% respectively over the previous quarter. Last week, the company launched two new motorcycles – the Interceptor 650 roadster and the Continental GT 650 cafe racer at the EICMA Motor Show in Milan. These new launches are part of the company’s foray into global markets.
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Via:: Stock – India Infoline