Eicher Motors Stock Surges as Analysts Maintain Hold Rating

Eicher Motors' stock price surged to ₹4,667.45 on May 14, 2024, marking a 0.21% increase, with a market capitalization of ₹127,467.1 crore. The company's revenue growth was 11.37% higher than the previous fiscal year, with projections of 10.80% growth in revenue for the upcoming quarter.

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Nitish Verma
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Eicher Motors Stock Surges as Analysts Maintain Hold Rating

Eicher Motors Stock Surges as Analysts Maintain Hold Rating

Eicher Motors, the Indian manufacturer of commercial vehicles and motorcycles, saw its stock price surge to ₹4,667.45 on May 14, 2024, marking a 0.21% increase from the previous closing price. The company's market capitalization stood at an impressive ₹127,467.1 crore, with earnings per share reaching ₹146.13.

Why this matters: The performance of Eicher Motors, a major player in the Indianautomotive industry, has a significant impact on the country's economy and job market. As the company's stock price and revenue growth continue to fluctuate, it may influence investor confidence and have broader implications for the Indian stock market.

Despite the positive movement, analysts currently maintain a hold rating on Eicher Motors stock, with a median price target of ₹3,995.0, 14.41% lower than the current market price. The lowest target price stands at ₹3,100.0, while the highest reaches ₹5,000.0, indicating a range of expectations among market experts.

The stock's 52-week high and low prices are ₹4,708.7 and ₹3,159.2, respectively. Mutual fund holding in Eicher Motors increased from 2.26% in December to 2.74% currently, while foreign institutional investor holding decreased from 30.27% to 28.95% over the same period.

Eicher Motors reported a return on equity of 21.12% in the most recent fiscal year, with projections of 24.17% for the current fiscal year and 22.94% for the upcoming one. The company's revenue growth was 11.37% higher than the previous fiscal year, and it is expected to grow 10.80% in revenue and 17.02% in profit for the upcoming quarter.

Trading activity for Eicher Motors stock saw a significant increase, with volume traded up 264.36% compared to the previous day. Key resistance levels are identified at ₹4,749.0, ₹4,844.15, and ₹4,954.5, while support levels stand at ₹4,543.5, ₹4,433.15, and ₹4,338.0.

Trend analysis indicates that the positive price movement, accompanied by higher volume, suggests a sustainable upward trend for Eicher Motors stock. However, negative price movement with increased volume could signal further price declines in the future.

As of 2021, Eicher Motors reported consolidated revenue of approximately $3 billion USD and employs over 11,000 people. The company's shares are listed on various stock exchanges, including BSE, NSE, Madras Stock Exchange, and Calcutta Stock Exchange, and it is part of multiple indices such as Nifty 50, Nifty 500, and S&P BSE Sensex 50.

Key Takeaways

  • Eicher Motors' stock price surged to ₹4,667.45, a 0.21% increase.
  • Market capitalization stood at ₹127,467.1 crore, with EPS at ₹146.13.
  • Analysts maintain a hold rating, with a median price target of ₹3,995.0.
  • Revenue growth is projected at 10.80% in the upcoming quarter.
  • Trend analysis suggests a sustainable upward trend for Eicher Motors stock.