Force Motors hits 52-week low post November sales

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters
Force Motors hits 52-week low of Rs 3,164, down 3% on the BSE in intra-day trade, after the company recorded sales growth of 4% at 1,687 units in the month of November 2017. The car & utilities vehicles maker had sold 1,622 units in November 2016. It had recorded total sales of 2,539 units in October 2017.

In past three months, the stock underperformed the market by falling 22% as compared to 3% rise in the S&P BSE Sensex.

Force Motors said the sales of small commercial vehicles (SCVs) & light commercial vehicles (LCVs) were 5.5% lower at 812 units in November 2017 over the previous year.

“Sales of utility vehicles (UVs), sports utility vehicles (SUVs) and tractors at 875 units in November 2017, up 15% as compared to 763 units sold in November 2016,” the company said in a statement.

For the first six months (April-September) of the current financial year 2017-18 (FY18), Force Motors had reported 29% year on year declined in standalone net profit at Rs 72 crore against Rs 102 crore in the same period last fiscal. It had profit of Rs 180 crore in entire FY17.

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