Shares of Eicher Motors rose to hit a 52-week high after the company reported good set of quarterly numbers. The company is a dealer in the popular bike brand Royal Enfield.
Eicher Motors reported a 58.6 per cent growth in net profit at Rs 376 crore for the quarter ended June 30, 2016 as against Rs 237 crore in the same quarter last fiscal.
Commenting on Royal Enfield's performance, Siddhartha said, "Royal Enfield has maintained its strong volume growth in the first quarter of FY 2016-17 and we continue to take more orders than our monthly supply. The response to Himalayan- Royal Enfield's first adventure-tourer, has been extremely encouraging and it is now available for booking across the country.
The company in another statement said that "the Company has granted 2,100 options under ESOP Scheme of the Company. Options shall be exercisable in three equal tranches after the end of 3rd, 4th and 5th year from the grant date. Upon exercise, each option shall result into one equity share of Rs. 10/- each".
Shares of Eicher Motors were seen trading at Rs 21,790, higher by 3.39 per cent on BSE at 1.10 pm IST. It touched an intra-day high and 52 week high of Rs 22,382 during trade.