Eicher Motors shares jumped as much as 4 per cent to hit a 52-week high of Rs 20,325 on Wednesday after the company reported strong growth in its motorcycle sales for the month of June 2015.
Eicher Motors said its motorcycle sales in the month of June 2015 registered a strong annual growth of 48 per cent at 37,341 units, which was higher than Street expectation.
International brokerage house CLSA has maintained “buy” rating on the stock with a target price of Rs 21,800, indicating a potential upside of over 11 per cent from yesterday’s closing price.
CLSA said demand continues to be very strong for Eicher Motors and Royal Enfield bikes remains a long-term structural story. As of 1.34 p.m. shares in Eicher Motors traded 3.48 per cent higher at Rs 20,259.15 apiece, outperforming the broader Nifty, which was up 0.9 per cent.