Eicher Motor stock gains on October sales

Shares of Eicher Motors Limited traded nearly a percent higher to Rs 3,310 in early trade on November 2 after the company reported a three percent year-on-year sales for the month of October. The company sold a total of 84,435 units as compared to the 82,435 units sold during the same month last year.

At 9:29 am, the stock was trading at Rs 3,299, up 0.53 percent from the previous close on the NSE.

In October 2023, Eicher motorcycles with engine capacities of up to 350cc witnessed a 2 percent growth, with 76,075 units sold. Additionally, models with engine capacities exceeding 350cc experienced a 13 percent increase, with 8,360 units sold in October 2023, compared to 7,407 units sold in October 2022, the company said in an exchange filing.

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VE Commercial Vehicles (VECV), a joint venture between Volvo group and Eicher Motors, posted a 24 percent growth in total sales at 7,486 units in October 2023. As per data, the Royal Enfield maker sold 6,038 units in October 2022. The sales comprised 7,278 units of the Eicher brand and 208 units of the Volvo brand, it added.

Eichers’ international business segment contributed sales of 3,477 units. This reflects a 39 percent decline compared to the 5,707 units sold in the same month in 2022. When considering year-to-date figures for the international business, there was a 27 percent decline, with 3,576 units sold from April to October 2023, in contrast to the 59,967 units sold in the corresponding period of 2022.

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