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Eicher Motors Falls 1% After Investec Cuts Target To Factor In Impact Of Strike

Royal Enfield maker Eicher Motors shares fell a percent intraday Thursday after brokerage house Investec slashed target price on the stock by 13.4 percent to Rs 30,300 from Rs 35,000 earlier following cut in earnings estimates.

The research house trimmed its EPS estimates by 3 / 1 percent for FY19/20 primarily to factor in impact of Strike, but it has maintained buy call on the stock.

From September 24, 2018, a part of the workforce at Royal Enfield’s manufacturing facility at Oragadam, near Chennai had stayed away from work.

The entire workforce at the above facility reported to work on November 13, bringing an end to the strike.

All three plants of the company are now operational at their full capacity, but the loss of production was 28,000 motorcycles during the period of strike.

Eicher, on November 14, launched Continental GT 650 & Interceptor, which are large bikes from an Indian perspective.

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This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here

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Eicher Motors Falls 1% After Investec Cuts Target To Factor In Impact Of Strike

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