Strong Royal Enfield sales fail to cheer investors; Eicher Motors shares down by Rs 660
Eicher’s share price touched an intraday low of Rs 27,900 which is Rs 660 or 2.31% down compared to previous prices.
Motorcycle maker Royal Enfield is among the most preferred bikes in India especially for the youths. Every month, sales data is released by Eicher Motors over the performance of this two wheeler. Enfield in June 2018 month was able to spur demand and it recorded strong growth. However, this robust sale was not enough for investors in today’s trading session as they continued to sell Eicher Motors shares at heavy extent. So far in the trading session, Eicher’s share price touched an intraday low of Rs 27,900 which is Rs 660 or 2.31% down compared to previous price.
At around 14:37 hours, the share price was trading at Rs 28,189.90 per piece down by Rs 370.90 or 1.30% on BSE. The company is among the most expensive stocks on stock exchanges. It has even considered as money making magnet for investors especially on the back of Royal Enfield’s good portfolio.
In June 2018, a total 74,477 Royal Enfield bikes were sold which was higher by 18% compared to 63,160 units sold in previous year of the same month.
Royal Enfield with engine capacity up to 350cc recorded sales of 68,769 units in this month, up by 17% as against unit of 58,741 in June 2017.
Engines having capacity exceeding 350cc also accelerated by 29% with sales of 5,708 units during June 2018 compared to sales of 4,419 units in June 2017.
Exports also rose by 27% with sales of 1,889 Royal Enfields in latest month versus 1,489 unit of export witnessed in June 2017.
With this, in first quarter of FY19 (Q1FY19), the company has sold a total 225,361 Royal Enfield up by 22% compared to sales of 183,998 units in the corresponding period of previous year.