CorporateEicher Motors gains on strong Q1 performance
The stock extended gains and surged to a new 52-week high of Rs 360 - up 6.5%. It finally ended at Rs 355, up 4.7%. The counter clocked comparatively heavy volumes of 15,401 shares as against its two-week daily average trade of 3,486.
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The stock opened at Rs 342 and surged 4% to its new 52-week high of Rs 352. It is now trading at Rs 350, up 3.5%. The stock has gained 159% from its 52-week low of Rs 135. Around 9,815 shares have been traded at the counter on the BSE so far.
The fourth-largest commercial vehicle manufacturer in the country, Eicher Motors, reported on Saturday a 276% rise in its net profit for the second quarter ending June 2009 to Rs 19.79 crore, against the Rs 5.27 crore earned for in the similar period last year. Net sales for the April-June quarter increased by 11% to Rs 617.48 crore.