Buy Eicher Motors, target price Rs 3120: Motilal Oswal

Buy Eicher Motors, target price Rs 3120:  Motilal Oswal

Motilal Oswal has buy call on Eicher Motors with a target price of Rs 3120. The current market price of Eicher Motors Ltd. is Rs 2975.15.

Eicher Motors Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 81228.33 Crore) operating in Auto sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 2133.60 Crore, up 163.68 % from last quarter Sales of Rs 809.16 Crore and down -1.75 % from last year same quarter Sales of Rs 2171.54 Crore Company reported net profit after tax of Rs 347.19 Crore in latest quarter.

Investment Rationale
Stock has come out of its range with Pole and Flag breakout, forming higher highs – higher lows from the last four weeks.

Promoter/FII Holdings
Promoters held 49.3 per cent stake in the company as of Sept 30, 2020, while FIIs held 28.2 per cent, DIIs 9.9 per cent and public and others 12.7 per cent.

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