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Eicher Motors gained on upbeat March-quarter results. The stock jumped as much as 2.94 per cent to Rs 31,207.45, its biggest daily percentage gain in about a fortnight.
The company had reported a March-quarter net profit of Rs 462 crore ($68.57 million) after market hours on Wednesday, compared with a profit of Rs 459 crore a year earlier.
Deutsche Bank has raised the company’s price target to Rs 34,500 from Rs 34,000; it has retained “buy” rating. It expects Royal Enfield motorcycles volume compound annual growth rate (CAGR) for FY18-20 at 15 per cent, which should drive EPS CAGR of 23 per cent.
According to Goldman Sachs, concerns on demand, growth and margins have been addressed effectively. Of 40 analysts covering the stock, 28 have a “buy” or higher rating, three rate as “hold”, while nine rate it as “sell” or lower rating; their median price target is Rs 32,999.50.
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