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Eicher Motors hits 52-week high; rises 30% in thirteen days

·1-min read

The stock of Eicher Motors has gained 30.2% in thirteen trading days from its previous closing low of Rs 2029.55 posted on 2 November 2020. The stock hit a 52-week high of Rs 2655.05 in intraday trade today. It is up 112% from its 52-week low of Rs 1246 registered on 7 April 2020.

In last three months, shares of Eicher Motors have surged 24.34% outperforming the Nifty Auto index which rose 10.83% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 81.627. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 2208.79 and 2144.56 respectively. These levels will act as crucial support zones in near term.

Eicher Motors' consolidated net profit dropped 40% to Rs 343.34 crore on 2.7% decrease in net sales to Rs 2,111.98 crore in Q2 September 2020 over Q2 September 2019. EBITDA fell 13% to Rs 471 crore in Q2 FY21 as compared to Rs 541 crore in the same quarter of the previous financial year.

Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles (VECV) which operates in India's commercial vehicle space.

Source: Capitalmarket.com