August 10, 2018 / 6:27 AM / in 3 months

BUZZ-India's Eicher Motors rises on strong Q1 results

** Shares in Eicher Motors Ltd rise as much as 4.3 pct to 28,620 rupees

** Automaker posted about 25 pct jump in June-qtr profit on Thursday

** Nomura believes Eicher is on track to achieve guidance; key upside risk is success of new 650cc models which will be launched in Nov-18; cuts PT to 29,344 rupees from 32,743 rupees, maintains “neutral” rating

** Downside risks include cost hike due to ABS (anti-lock braking system) and BS-6 (Bharat stage emission standard) that may impact demand to some extent like in Karnataka and success of competitive launches by Mahindra-Jawa, Bajaj-Triumph and Harley Davidson - Nomura

** Citi maintains “buy” rating, saying do not change volume estimates for Royal Enfield but cut margins by 80-130bps due to higher staff costs and slight commodity cost pressures; cuts PT to 33,800 rupees from 36,500 rupees

** Morgan Stanley believes stock set to outperform as new bikes gets launched in Sept 2018 and monthly run rate inches up; keeps ‘overweight’ rating with PT of 34,104 rupees

** More than 69,000 shares traded vs 30-day avg of 52,456 shares

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