Eicher Motors Ltd, the renowned manufacturer of Royal Enfield motorcycles, witnessed a promising surge in its shares, rising by over 2 percent to reach Rs 3,421. The positive momentum followed the company’s announcement of a 3 percent year-on-year increase in sales for the month of October.
During October, Eicher Motors reported the sale of 84,435 units, reflecting a notable rise from the 82,435 units sold in the same month the previous year. Particularly impressive was the performance of Eicher bikes with engine sizes up to 350cc, which experienced a 2 percent increase, with 76,075 units sold. Additionally, models with engine sizes exceeding 350cc saw a significant 13 percent growth, with 8,360 units sold in October 2023 compared to 7,407 units sold in October 2022, as stated in the exchange filing.
Moreover, VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, reported a substantial 24 percent increase in overall sales, reaching 7,486 units in October 2023. This growth was a testament to the company’s continued market strength and consumer demand.
Despite a 39 percent year-on-year decrease in overseas sales for Eicher Motors, the company’s robust performance in the domestic market reaffirms its position as a leading player in the motorcycle industry. As of 1:11 pm, Eicher Motors shares continued their upward trend, trading 2.16 percent higher at ₹3,410.40, indicating a positive market sentiment and investor confidence in the company’s growth prospects.
