EICHERMOT

March 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FEB 2-WHEELER SALES 13,84,605 UNITS - INDUSTRY BODY

• INDIA'S FEB 3-WHEELER SALES 57,788 UNITS - INDUSTRY BODY

• INDIA'S FEB TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,77,689 UNITS - INDUSTRY BODY

• INDIA AUTO INDUSTRY BODY: UPCOMING FESTIVITIES OF HOLI, UGADI IN MARCH LIKELY TO CONTINUE TO DRIVE DEMAND

Further company coverage: ASOK.NS

(([email protected];))

Feb 11 (Reuters) - Shares of Eicher Motors EICH.NS dropped nearly 7% on Tuesday as the Royal Enfield motorcycle maker's heavy spending on new launches hurt profit margins, with analysts expecting the company's focus on growth to keep the pressure on profitability.

The stock was set for its biggest one-day decline since July 2023 and was the biggest drag on auto stocks .NIFTYAUTO. At least six of the 34 brokerages covering the company lowered their rating on the stock, according to LSEG data.

Eicher's core profit margins missed analysts' expectations on Monday due to higher sales of lower-margin motorcycles such as the 'Meteor 350', heavy spending on new models like the e-bike "Flying Flea", and increased costs, including on promotions in a quarter that included the major Diwali and Christmas festivals.

Elara Securities analyst Jay Kale said though vehicle sales hit an all-time high in the quarter, with growth beating those of rivals, the company's gross profit per vehicle was at a six-quarter low. Kale rates the stock "sell".

Morgan Stanley analyst Binay Singh, who rates the stock "underweight", doesn't expect margins to grow soon.

"Growth over margins is the right strategy, in our view. But with the stock pricing in high growth and high margins, achieving both will be tough."

Eicher's stock has outperformed those of its key rivals, Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, over the past year. Its price-to-forward earnings ratio of 29.3 is sandwiched between TVS's 38 and Bajaj's 26.

However, while six analysts cut their price targets on Eicher's stock, at least 17, or half of all brokerages, raised their targets, factoring in higher core profit from the company's commercial vehicles joint venture with Volvo.

Analysts' median 12-month target is now 5,409.50 rupees on the stock, implying a 6% upside to the current price of about 5,102 rupees, per LSEG data.

Their average rating is "hold" on Eicher, while they rate both Bajaj and TVS "buy".

(Reporting by Manvi Pant, Additional reporting by Meenakshi Maidas; Editing by Savio D'Souza)

(([email protected]; +918447554364;))

Feb 10 (Reuters) - India's Eicher Motors EICH.NS, which makes the Royal Enfield brand of motorcycles, missed third-quarter profit estimates on Monday, hurt by a mix of high marketing expenses and sales of lower-margin motorcycles outpacing higher-margin models.

The company reported a net profit of 11.71 billion rupees (about $134 million) in the quarter, compared to analysts' expectation of 12.12 billion rupees, as per data compiled by LSEG.

($1 = 87.4380 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 8921483410;))

Feb 6 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FADA: OVERALL AUTO RETAIL GREW BY 6.6% YOY IN JAN

• INDIA'S FADA: PERSISTENT CASH-FLOW CONSTRAINTS, SUBDUED INDUSTRIAL DEMAND COULD CAP UPSIDE POTENTIAL

• INDIA'S FADA: SUPPORTIVE POLICIES, POST-BUDGET STIMULUS MAY HELP SUSTAIN SECTOR’S EARLY-YEAR GAINS

• INDIA'S FADA: ONGOING FESTIVE/WEDDING DEMAND, FRESH PRODUCT INTRODUCTIONS COULD SUSTAIN FOOTFALLS IN NEAR-TERM

• INDIA'S FADA: NEARLY HALF OF DEALERS ANTICIPATE GROWTH IN FEB,43% EXPECT SALES TO STAY FLAT,11% FORESEE DIP

• INDIA'S FADA: AUTO RETAIL SECTOR ENTERS FEBRUARY WITH CAUTIOUS OPTIMISM

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

Feb 4 (Reuters) - Eicher Motors Ltd EICH.NS:

• EICHER MOTORS LTD - GETS GST DEMAND ORDER TOTALS 88.8 MILLION RUPEES

Source text: ID:nBSE93mzjz

Further company coverage: EICH.NS

(([email protected];))

** Eicher Motors EICH.NS gains as much as 3.4% to a record high of 5,575.5 rupees; last up ~1%

** Royal Enfield motorcycle maker's total sales jumps 20% y/y in January

** Rivals Hero MotoCorp HROM.NS, Bajaj Auto BAJA.NS log 2% and 7% rise in total sales in the period, respectively

** HROM, BAJA down 0.6% and 1.3%

** EICH, HROM, BAJA rated "buy" on avg - LSEG

** Eicher Motors among four stocks trading in green on 15-member Nifty auto index .NIFTYAUTO, which is down ~0.7%

** EICH up ~14% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Jan 14 (Reuters) -

• INDIA'S DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,14,934 UNITS - INDUSTRY BODY

• INDIA'S DEC 2-WHEELER SALES 11,05,565 UNITS - INDUSTRY BODY

• INDIA'S DEC 3-WHEELER SALES 52,733 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 42,74,793 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC 2-WHEELER SALES 1,95,43,093 UNITS - INDUSTRY BODY

• INDIA'S JAN-DEC 3-WHEELER SALES 7,28,670 UNITS - INDUSTRY BODY

(([email protected];))

** Eicher Motors EICH.NS surges to record high of 5,228.15 rupees

** Stock last up 6.5%, set for best day since Dec 2023

** Royal Enfield motorcycle maker says sales jumped 25% YoY in Dec, while exports surged 90%

** Trading vol of 600,000-plus shares is 1.5x the 30 day avg

** Eicher shares have gained 30.2% in the last 12 months

** Auto index .NIFTYAUTO up ~2% on the day, with Maruti Suzuki MRTI.NS up 3.7%, adding to Weds gains on upbeat sales

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

Jan 1 (Reuters) - Eicher Motors Ltd EICH.NS:

• EICHER MOTORS - DEC TOTAL VECV SALES 8,324 UNITS

Source text: [ID:]

Further company coverage: EICH.NS

(([email protected];;))

Dec 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S NOV TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,47,522 UNITS - INDUSTRY BODY

• INDIA'S NOV 2-WHEELER SALES 16,04,749 UNITS - INDUSTRY BODY

• INDIA'S NOV 3-WHEELER SALES 59,350 UNITS - INDUSTRY BODY

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];))

Dec 4 (Reuters) - Eicher Motors Ltd EICH.NS:

• INAUGURATION OF NEW ASSEMBLY PLANT IN THAILAND

• NEW ASSEMBLY PLANT HAS CAPACITY OF 30,000 UNITS PER YEAR

Source text: [ID:]

Further company coverage: EICH.NS

(([email protected];;))

Nov 15 (Reuters) - INDIA AUTO DEALERS' BODY FADA:

• NEARLY HIT OUR FORECASTED TARGET OF 4.3 MILLION VEHICLES DURING 42 DAYS FESTIVE PERIOD

• AUTO INDUSTRY YET TO FULLY BENEFIT FROM GOVERNMENT PUSH IN INFRASTRUCTURE SPENDING

• EXPECTS GOVERNMENT PUSH IN INFRASTRUCTURE SPENDING TO BOLSTER COMMERCIAL VEHICLE SALES

• COULD HAVE MET 4.5 MLN UNITS TARGET IF NOT FOR UNSEASONAL HEAVY RAINS IN SOUTH INDIA

• ANTICIPATES CAR STOCK LEVELS WILL REDUCE FURTHER FROM OCTOBER LEVELS

• URGES OEMS TO FOCUS ON LIQUIDATING 2024 STOCK AHEAD OF YEAR END

• LOOKING AHEAD, TRACTORS TO PERFORM BETTER, SUPPORTED BY GOOD RAINFALL, RISE IN MSP OF CROPS

(([email protected];))

Nov 14 (Reuters) - Shares of India's Eicher Motors EICH.NS jumped 7% on Thursday, set for their best day in a year, after analysts said its second-quarter results indicated that the toughest phase of competition for the 'Royal Enfield' motorcycle manufacturer was now behind it.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman)

(([email protected]; Mobile: +91 9591011727;))

Nov 13 (Reuters) - India's Eicher Motors EICH.NS, which makes the Royal Enfield brand of motorcycles, reported a bigger-than-expected quarterly profit on Wednesday, helped by increased sales of its higher-powered models such as the 'Scram 411'.

The company said its net profit rose 8.3% year-on-year to 11 billion rupees ($130.40 million) in the three months to Sept. 30.

That beat analysts' average estimate of 10.66 billion rupees, as per data compiled by LSEG.

($1 = 84.3570 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 8921483410;))

Nov 5 (Reuters) - Eicher Motors Ltd EICH.NS:

• INTRODUCES NEW EV BRAND, FLYING FLEA POWERED BY ROYAL ENFIELD

Source text: ID:nBSE2pdkFG

Further company coverage: EICH.NS

(([email protected];;))

Nov 1 (Reuters) - Eicher Motors Ltd EICH.NS:

• OCT TOTAL MOTORCYCLE SALES AT 1,10,574 UNITS

Source text: ID:nBSE9DRfDR

Further company coverage: EICH.NS

(([email protected];;))

Oct 7 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S AUTO DEALER'S BODY: SEPT OVERALL SALES WITNESSED SIGNIFICANT DECLINE OF -9.26% YOY

• INDIA'S FADA: PASSENGER VEHICLE DEALERS FACING ALL TIME HIGH INVENTORY LEVELS OF 80-85 DAYS

• INDIA'S FADA: PASSENGER VEHICLE DEALERS UNDER FINANCIAL PRESSURE, INCREASED CASH FLOW CHALLENGES

• INDIA'S FADA: URGE RBI TO ISSUE STRICTER RULES ON CHANNEL FUNDING TO MITIGATE DEALERS FINANCIAL RISK

• INDIA'S FADA - MIXED PERFORMANCE OBSERVED ACROSS SEGMENTS IN SEPT

• INDIA'S FADA - MONSOON DISRUPTED RETAIL PERFORMANCE IN REGIONS, NEGATIVELY IMPACTING DEMAND

• INDIA'S FADA - FESTIVE SEASON BOOST WITH BOTH NAVRATRI, DIWALI FALLING IN SAME MONTH,EXPECTED TO UPLIFT SALES

• INDIA'S FADA - FAVOURABLE AGRI CONDITIONS LIKELY TO SPUR RURAL DEMAND FOR 2W, PV, TRAC SEGMENTS
  

Source text for Eikon: [ID:]

Further company coverage: ASOK.NS

(([email protected];))

Oct 1 (Reuters) - Eicher Motors Ltd EICH.NS:

• SEPT TOTAL VECV SALES 7,609 UNITS

Source text for Eikon: ID:nBSExdMQL

Further company coverage: EICH.NS

(([email protected];;))

Sept 17 (Reuters) - Eicher Motors Ltd EICH.NS:

• MAXPOSURE - UNIT TO DESIGN ROYAL ENFIELD PRINT ADVERTISEMENT CAMPAIGNS

Source text for Eikon: ID:nNSE9b5vFb

Further company coverage: EICH.NS

(([email protected];;))

Sept 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S AUGUST TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,52,921 UNITS- INDUSTRY BODY

• INDIA'S AUGUST 2-WHEELER SALES 17,11,662 UNITS - INDUSTRY BODY

• INDIA'S AUGUST 3-WHEELER SALES 69,962 UNITS - INDUSTRY BODY

• INDIA AUTO INDUSTRY BODY: AS COUNTRY ENTERS FESTIVE SEASON, DEMAND FOR VEHICLES EXPECTED TO GROW

Source text for Eikon: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

Aug 14 (Reuters) - Society of Indian Automobile Manufacturers:

• INDIA'S JULY TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,41,510 UNITS - INDUSTRY BODY

• INDIA'S JULY 3-WHEELER SALES 59,073 UNITS - INDUSTRY BODY

• India's July 2-Wheeler Sales 14,41,694 Units - Industry Body

(([email protected];))

** Shares of Eicher Motors EICH.NS rise 4% to 4,760 rupees

** Stock is top gainer in Nifty 50 index .NSEI and Nifty auto index .NIFTYAUTO, which are up 1.11% and 1.72%, respectively

** The maker of Royal Enfield motorcycles posted a bigger-than-expected, nearly 20% rise in Q1 profit

** Analysts at Nirmal Bang expect EICH's domestic business to grow 11% CAGR and exports to grow at 17% CAGR, backed by more model launches and industry tailwinds

** Expect margin expansion of 100bps from FY24 levels supported by a richer product mix

** Analysts tracking EICH rate it "hold" on avg, same as Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, vs "buy" for Hero MotoCorp HROM.NS- LSEG data

** Stock up 15% so far this year vs a 12.3% gain in Nifty 50

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Aug 8 (Reuters) - Eicher Motors Ltd EICH.NS:

• EICHER MOTORS Q1 CONSOL NET PAT 11.01 BILLION RUPEES; IBES EST. 10.14 BILLION RUPEES

• EICHER MOTORS Q1 CONSOL TOTAL REV FROM OPS 43.93 BLN RUPEES; IBES EST. 42.38 BLN RUPEES

Source text for Eikon: [ID:]

Further company coverage: EICH.NS

(([email protected];))

** Shares of Eicher Motors EICH.NS down 5.2% at 4,710.50 rupees

** Co on Thursday reported an 8% drop in July motorcycle sales

** Royal Enfield motorcycle maker set for worst day since July 4, 2023 when smaller rivals Hero MotoCorp HROM.NS, Bajaj Auto BAJA.NS launched competing premium motorcycle models

** EICH biggest pct loser on blue-chip Nifty 50 index .NSEI and among auto stocks .NIFTYAUTO

** Over 1.4 mln shares traded, 2.4x 30-day avg volume

** Analysts tracking EICH rate it "hold" on avg, same as BAJA and TVS Motor TVSM.NS, vs "buy" for HROM - LSEG data

** EICH down ~6% this week and set for second-worst week in 2024

** Stock's YTD gains now trimmed to 14%, the least among Indian two-wheeler manufacturers

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

Aug 1 (Reuters) - Eicher Motors Ltd EICH.NS:

• EICHER MOTORS - JULY TOTAL VECV SALES 6,622 UNITS VERSUS 5877 UNITS YEAR AGO

Source text for Eikon: ID:nBSE8SRCh1

Further company coverage: EICH.NS

(([email protected];))

BENGALURU, July 25 (Reuters) - India's Ashok Leyland reported a first-quarter profit that missed estimates on Thursday, as tax expenses weighed down the bus and truck manufacturer more than expected.

The Hinduja Group company's profit for the April-June quarter fell 8.8% to 5.26 billion rupees (around $63 million). Analysts had expected 5.66 billion rupees, as per LSEG data.

Its profit jumped more than eight-fold last year due to a larger tax credit.

Revenue rose 5% to nearly 86 billion rupees in the June quarter.

KEY CONTEXT

Ashok Leyland is the first to report June-quarter results among commercial vehicle (CV) makers, whose sales are seen as an indicator of economic activity.

India's CV sales reported a surprise 3.5% growth in the April-June quarter, with Ashok's 6% rise in dispatches to dealers the most among sector leaders.

The growth was in contrast to most analysts' and industry experts' expectation of a fall due to India's general election.

Larger competitors Tata Motors and Mahindra & Mahindra MAHM.NS will report results next week.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

52-WEEK STOCK PERFORMANCE

Shares of Ashok Leyland have risen about 26% in the last 52 weeks, the least among its competitors.

($1 = 83.7026 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman)

(([email protected]; Mobile: +91 9591011727;))

July 18 (Reuters) - Eicher Motors Ltd EICH.NS:

• GETS TAX DEMAND ORDER FOR 1.5 MILLION RUPEES

Further company coverage: EICH.NS

(([email protected];))

BENGALURU, July 5 (Reuters) - Retail sales of cars in India fell in June for the second straight month as heatwaves across the country deterred customers from purchases despite "substantial discounts", a dealers' body said on Friday.

Passenger vehicle sales fell 6.8% year-on-year in June, a steeper drop than the 1% decline in May, according to data from the Federation of Automobile Dealers Association (FADA), which tracks monthly retail sales from dealers to buyers.

WHY IT'S IMPORTANT

Auto sales are seen as a key indicator of private consumption in India. India's auto industry forms 7% of the country's GDP, as per government data.

CONTEXT

The intense heat in northern India has reduced footfall at dealerships and led to fewer people buying cars, according to analysts.

This especially hurt small cars and electric vehicles.

Subdued retail demand also led to muted wholesales for some carmakers, according to analysts. Tata Motors TAMO.NS attributed the drop to the impact of the Indian elections, in addition to the weather.

Mahindra & Mahindra MAHM.NS also posted weaker-than-expected overall June wholesale growth.

Analysts said concerns around how the government's policies could affect peoples' income might discourage consumers from buying vehicles and hurt automakers' sales to dealerships.

Still, the SUV portfolios of companies, including Maruti Suzuki MRTI.NS, benefitted from strong demand, extending the record-high sales seen in the financial year 2024.

KEY QUOTES

"Despite improved product availability and substantial discounts aimed at stimulating demand, market sentiment remains subdued due to extreme heat resulting in 15% less walk-ins. Dealer feedback highlights challenges such as low customer enquiries and postponed purchase decisions," FADA President Manish Raj Singhania said in a statement.

BY THE NUMBERS

(Reporting by Varun Hebbalalu in Bengaluru; Editing by Sohini Goswami)

(([email protected];))

July 1 (Reuters) - Eicher Motors Ltd EICH.NS:

• EICHER MOTORS - JUNE TOTAL VECV SALES 7,424 UNITS VERSUS 6715 UNITS YEAR AGO

Source text for Eikon: ID:nBSEbZGZr2

Further company coverage: EICH.NS

(([email protected];))

June 11 (Reuters) -

• INDIA'S MAY TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,47,492 UNITS - INDUSTRY BODY

• WITH EXPECTATIONS OF ABOVE NORMAL MONSOON, AUTO INDUSTRY IS OPTIMISTIC OF STEADY GROWTH IN 2024-25 - INDUSTRY BODY

• INDIA'S MAY 3-WHEELER SALES 55,763 UNITS - INDUSTRY BODY

• INDIA'S MAY 2-WHEELER SALES 16,20,084 UNITS - INDUSTRY BODY

Further company coverage: ASOK.NS

(([email protected];))