Eicher Motors, maker of Royal Enfiled, is making waves on the social media and on the bourses, going up over 1% to Rs.22,209.90. For a company like Eicher, 1% movement is big as it means it showed a gain of some Rs.232/share.
Two good news from the company, firstly the Q2FY19 results and secondly, the lifting of its ongoing strike.
On a 12% (YoY) jump in consolidated total income at Rs.2502 crore, the company posted a net profit of Rs.549 crore, up 6%.
Its operating profit was up 7% at Rs.729 crore and margins came down from 31.5% to 30.3%.
Manufacturing at the Royal Enfield facility in Chennai hit a snag since the last week of September after workers staged a walkout demanding higher pay. Due to the strike which lasted for over 50 days, Royal Enfield suffered a production loss of 25,000 motorcycles.
The company has not issued a statement but news on the wire is that this strike has now been called off and the over 650 employees resumed their first shift from today morning.