Eicher Motors share hits upper circuit of 10%, here's why

Shares of Eicher Motors jumped 10% on Monday's early session after the stock split of 1:10 ratio came into effect from today. The company had fixed August 25, 2020, as the record date for the stock split. After the share hit upper circuit of 10%, the upper circuit of stock was revised to 15%.

Eicher Motors stock opened at Rs 2,219.0 and touched an intraday as well as new 52-week high of Rs 2,389, rising 9.99% on BSE.  Stock price of Eicher Motors also hit low of Rs 2,197.75 in the session so far.

Eicher Motors shares had closed 1.5% higher at Rs 21,702 on Friday.

Earlier in June, Eicher Motors board had approved a stock split in the ratio f1:10, giving its nod to sub-division of equity shares. One equity share of the face value of Rs 10 each has been split into ten equity shares of the face value of Re 1 each.

Eicher Motors stock has risen 6.39% in one month and 43% in a year's period. The market capitalisation of the large-cap stock stood at Rs 60,512.79 crore as of today's session.

In its latest quarter (Q1FY21), the company reported a loss of Rs 55 crore against a profit of Rs 452 crore in the corresponding quarter last year. Company's revenue from operations in the quarter under review fell 66% to Rs 818 crore as against Rs 2,382 crore in Q1FY20.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 4 crore in the quarter as compared to Rs 614 crore in the same quarter of the previous financial year.

Royal Enfield had reported a 26% decline in total sales at 40,334 units last month as against 54,185 units in the same month last year.

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