Eicher Motors Ltd., the maker of the iconic Bullet motorcycle, bucked a weak trend on Tuesday after it reported a smart rise in its volume sales for the month of August.
Eicher said its volume sales of its heavy bikes surged 59 percent to 42,360 units last month versus 26,643 units in August 2014. Exports rose 46 percent to 760 units in the same time frame.
Overall sales between April and August are up 47 percent at 2.82 lakh units versus 1.92 lakh units in the year ago period, Eicher said in a statement to the exchanges.
As a consequence, Eicher rose 74 rupees to 19,088 rupees on the National Stock Exchange with 41,000 shares traded compared with a 5-day average of 1.01 lakh shares.
Eicher's market capitalisation surged 88 percent in the past one year to 51,000 crore rupees and the stock is trading at 17.6 times its book value of 1,080 rupees as many of its iconic models have a waiting period of 6-8 months.
Image credit: Indiatimes