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Thursday, March 4, 2021

Force Motors spikes 8% as domestic sales zoom 23%

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NEW DELHI: Shares of Force Motors spiked 8 per cent in Friday’s session after the company said its domestic sales improved month-on-month (MoM) in August, and the exports were also higher.

The stock was up 7.79 per cent to Rs 1,170 on BSE, bucking the trends on the Street.

The production remained at virtually the same level of 1,430-odd units. However, assembly of Utility Vehicles (UV), Sports Utility Vehicles (SUV) and Tractors increased while production of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) decreased.

Domestic sales surged over 23 per cent during August to 1,233 units, the company said. In July, the number was 998 units. Sales of SCV and LCV rose to 667 units from 445 units while UV, SUV and Tractors sales increased to 566 units from 553 units.

Exports of its vehicles also rose to 156 from 131 during August. Shipping of SCV and LCV rose to 131 units from 114 units while UV, SUV and Tractors sales increased to 25 units from 14 units.

The stock of the company has gained 6.12 per cent year-to-date, thanks to the recent surge in prices.

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