Shares of Eicher Motors, the company that makes Royal Enfield motorcycles, jumped 7% to a new 52-week high of Rs 5,226 on the Bombay Stock Exchange. This surge happened during Thursday’s trading, thanks to excellent sales figures in December.
The company shared that it sold 79,466 Royal Enfield motorcycles last December, which is a 25% increase compared to 63,887 units sold in December of last year. Motorcycle sales for models with engine sizes up to 350 cc also grew by 25%, with 69,476 units sold. Models with larger engines, above 350 cc, increased sales by the same percentage, reaching 9,990 units. Exports of these motorcycles shot up by an incredible 90%, reaching 11,575 units.
For the first nine months of this financial year, Eicher Motors sold 727,077 Royal Enfield motorcycles, a 6% rise from 685,059 units sold during the same period last year.
B Govindarajan, the CEO of Royal Enfield, expressed excitement about their growth, stating they are eager to inspire motorcycle lovers worldwide with exciting initiatives as they prepare for 2025.
Recently, Royal Enfield launched a new assembly plant in Bangkok, making it their sixth global facility after locations in Argentina, Colombia, Brazil, Bangladesh, and Nepal. The company is also expanding its second-hand motorcycle business, REOWN, to 236 cities across India.
According to Niftystat data, the average target price for Eicher’s stock is Rs 4,869, suggesting a slight drop of 7% from current prices. However, out of 38 analysts, most agree that the stock is a “Buy.”
As of 12:17 PM, the stock was up 6.4% and trading at Rs 5,198.7. Over the past year, Eicher Motors’ stock has gained 34%, and it has increased by 101% over the last three years.
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