Shares in Indian motorcycle maker Eicher Motors Ltd jumps as much as 6.8 percent to an all-time high of 5340 rupees,heading towards a seventh consecutive day of gains as dealers cite speculation of increased buying from overseas investors.
Foreign institutional investors held a 19.1 percent stake in Eicher,which makes the popular Royal Enfield motorcyle,as of the end of September quarter,marking a second consecutive quarterly increase in overseas holding.
Eicher has gained 19 percent in the previous six sessions,and is up 72 percent for the year as of Tuesday’s close.
Two-wheeler sales have been a bright spot in an otherwise tough year for the auto industry this year.
Eicher is expected to post its November sales numbers later in the day with expectations of around 18,450 units of Royal Enfield,dealers say.