Share of Eicher Motors hit a fresh 52-week high today despite the auto firm reporting a 40% decline in Q2 net profit. Share of Eicher Motors rose 8.98% to Rs 2565 against previous close of Rs 2353 on BSE.
Eicher Motors stock opened with a loss of 4.82% at Rs 2240. The large cap stock has gained 23.89% in the last 9 days .
Eicher Motors share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The auto stock has gained 18.12% in one year and 12% since the beginning of this year.
Total 2.91 lakh shares changed hands amounting to turnover of Rs 72.45 crore on BSE. Market cap of the firm rose to Rs 68,902 crore on BSE.
Later, the share closed 7.15% or Rs 168 higher at Rs 2521.
The auto firm reported a 40 per cent fall in consolidated net profit to Rs 343.34 crore in Q2 against net profit of Rs 572.69 crore in the corresponding quarter last fiscal.
Revenue from operations in Q2 stood at Rs 2,133.60 crore as against Rs 2,192.47 crore in the same quarter a year ago.
During the second quarter, the company's two-wheeler arm Royal Enfield sold 1,49,120 motorcycles, a decline of 9 per cent from 1,63,390 motorcycles sold during the same period in FY 2019-20, it said.
"This quarter, we witnessed healthy demand and pick-up in business activities in the automotive industry. It has been encouraging for our motorcycle business at Royal Enfield as we have seen increased revival in consumer sentiment and demand," Eicher Motors Ltd Managing Director Siddhartha Lal said.