Eicher Motors Shares Jump After Q4 Results- Know the Target Price

May 12, 2023 admin

Eicher Motors Share Price Target After Q4 Results

The automaker Eicher Motors announced its Q4 results on Thursday 11 May 2023. Royal Enfield motorcycle manufacturer, beats market expectations in terms of PAT in the fourth quarter of FY23. The share price of Eicher Motors rose nearly 7% in the morning deal on Friday’s trade.

At 1.20 pm, Eicher Motor stock was trading at Rs 3598, on NSE, up 5.68%.

The auto giant reported a 48% jump in its consolidated net profit at Rs 905 for the fourth quarter. This is compared to Rs 610 crore in the same quarter the previous year. Revenue from operations jumped 19% year-on-year (YoY) to Rs 3,804 crore, which too was higher than the market estimate. The revenue was the company’s highest ever and marked the fifth consecutive quarter of record revenues.

Eicher Motor’s board has announced a final dividend of Rs 37 per equity for the financial year ending March 2023. The dividend will be paid within 30 days from the date of shareholders’ approval.

Technicals of Eicher Motors

The share price of Eicher Motors touched a 52-Week high at Rs 3889.6 while a 52-Week low at Rs 2332.2. The stock has given a yearly return of Rs 51%. Technically, the stock has entered into a bullish range since May 2 2023 and since then it has given a return of over 7%. The indicators like MACD, Bollinger Bands, and KST indicate a bullish signal.