Eicher Motors shares settle more than 6 pc higher

Shares of Eicher Motors settled more than 6 per cent higher on Friday after the company's consolidated net profit increased by 49 per cent for the fourth quarter ended March 2023.

The stock of the company zoomed 6.56 per cent to end at Rs 3,630.60 apiece on the BSE. During the day, it jumped 7 per cent to hit an intra-day high of Rs 3,647.20.

On the NSE, the scrip climbed 5.86 per cent to close at Rs 3,604.70 per piece.

In volume terms, 1.98 lakh shares of the firm were traded on the BSE and 36.65 lakh shares on the NSE during the day.

On Thursday, Eicher Motors said its consolidated net profit increased by 49 per cent to Rs 906 crore for the fourth quarter ended March 31, 2023, on the back of robust sales across domestic and global markets.

The company, which had reported a net profit of Rs 610 crore a year ago, said it has earmarked Rs 1,000 crore capex this fiscal for its motorcycle business.

Total revenue from operations rose to Rs 3,804 crore for the fourth quarter as compared to Rs 3,193 crore in the year-ago period, the company said in a regulatory filing.