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BSE   24 Nov 17 | 12:00 AM

3346.75 69.55 (2.12%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: 500033
Face Value: N.A.

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Code : BAJAJTEMPO
Performance
1 Week : Rs 3,337.25 (0.28%)
1 Month : Rs 3,537.10 (-5.38%)
1 Year : Rs 4,063.20 (-17.63%)
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Force Motors hits new high on heavy volumes

SI Reporter / Mumbai 13 Oct 16 | 12:19 PM

Force Motors has rallied 5% to Rs 4,080, also its new high on the BSE, in an otherwise weak market on the back of heavy volumes.

Till 12:17 pm, around 258,000 shares already changed hands against an average 334,000 shares that were traded daily in past two weeks on the BSE.

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The stock of car & utility vehicles maker outperformed the market by surging 34% in past one-month, as compared to 2% decline in the S&P BSE Sensex.

Crisil, the rating agency on September 22, had upgraded its rating on long-term bank facilities of Force Motors as it believes the company will continue to benefit from its niche positioning in the auto market, supported by steady introduction of new products and variants, and favourable demand outlook for the LCV segment.

Force Motors Ltd manufactures light commercial vehicles which are used for mass transport. Company operates its business under three verticals – vehicle manufacturing, component manufacturing and tooling for other original equipment makers. Company is a market leader in Tempo Traveller, a multipurpose utility vehicle and has tie-ups with Mercedes India and BMW India for engine manufacturing.

Analyst at KR Choksey Institutional recommends ‘buy’ rating on the stock with target price of Rs 4,820.

Going, forward we expect the company to perform well on back of growth in luxury car segment, construction- of highways, improved rural roads network, and inner-city roads.

“Considering the growth in the luxury car segment, we see strong revenue growth from auto component business that will help in overall margin expansion. Strong demand for Force Traveller from multiple industries will augur well for the company in the coming months," said analysts at IndiaNivesh Securities. The broking firm maintains ‘buy’ rating on the stock with target price of Rs 4,322.

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