Eicher shares surge to all-time high on overseas buying

Eicher shares surge to all-time high on overseas buying

 Reuters        Last Updated: December 3, 2013  | 15:41 IST
Eicher shares surge to all-time high on overseas buying

Shares in motorcycle maker Eicher Motors jumped as much as 6.8 per cent to an all-time high of Rs. 5,340 on Tuesday. The stock headed towards a seventh consecutive day of gains and dealers cited speculation of increased buying from overseas investors.

Foreign institutional investors held a 19.1 per cent stake in Eicher, which makes the popular Royal Enfield motorcycle, as of the end of September quarter, marking a second consecutive quarterly increase in overseas holding.

Eicher has gained 19 per cent in the previous six sessions, and is up 72 per cent for the year as of Tuesday's close.

Two-wheeler sales have been a bright spot in an otherwise tough year for the auto industry this year.

Eicher is expected to post its November sales numbers later in the day with expectations of around 18,450 units of Royal Enfield, dealers say.


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