The company's December total motor cycles sales were down 13 percent at 58,278 units against 66,968 units, YoY.
Shares of Eicher Motors slipped 5.6 percent intraday Wednesday after company reported weak motor cycle numbers for the month December 2018.
The company's December total motor cycles sales were down 13 percent at 58,278 units against 66,968 units, YoY.
Meanwhile, its CV sales for the month was up 2.4 percent at 6,236 units versus 6,087 units. Its exports went up 41 percent at 2,252 units against 1,601 units, YoY.
According to Motilal Oswal Royal Enfield is a big disappointment; lower Royal Enfield volume estimates for the current and the next financial year by 46,000 and 89,000 respectively.
It cuts EPS estimates by 6 percent and 9 percent for the current and the next financial year respectively.
Meanwhile brokerage house maintained buy call on share with target of Rs 24,760 per share.
According to Morgan Stanley, auto sales end the year on a weak note. Year-end inventory clearance & weak consumer sentiment lead to another month of muted volumes.
It prefers OEMs that have support ahead from model launches like Maruti Suzuki, M&M & Eicher Motors.
At 09:35 hrs Eicher Motors was quoting at Rs 22,000, down Rs 1,184.05, or 5.11 percent on the BSE.
Source: https://www .moneycontrol.com/news/business/stocks/eicher-motors-falls-5-on-weak-december-motor-cycle-sales-motilal-oswal-maintains-buy-3344761.html
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