HSBC downgrades Eicher Motors, but raises target price




Shares of the company had hit 52-week high of Rs 33483.95 on September 8, 2017 and 52-week low of Rs 19570.90 on November 15, 2016. NSEBSEEicher MotorsLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES NEW DELHI: Global financial services firm HSBC downgraded Eicher Motors to ‘Hold’ citing growth may moderate to high-to-mid teen levels in the coming quarters amid challenging premium valuations.

    However, HSBC raised Eicher Motors target price to Rs 35,000 from Rs 30,500 earlier.

    Shares of the company were trading 0.14 per cent down at Rs 32,584.35 around 10.30 am (IST). The scrip opened at Rs 32,625.05 and touched a high and low of Rs 32,769.60 and Rs 32,410.30, respectively, in trade so far. Benchmark BSE Sensex was up 156 points, or 0.49 per cent, at 31,843.96.

    For the quarter ended June 30, 2017, the company reported net profit of Rs 459.62 crore, up 22.15 per cent, against Rs 376.29 crore in the corresponding quarter last year. Net sales of Eicher Motors increased 28.52 per cent YoY to Rs 1991.78 crore during the quarter under review.

    Shares of the company had hit 52-week high of Rs 33483.95 on September 8, 2017 and 52-week low of Rs 19570.90 on November 15, 2016.




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