Force Motors shares hit 5% upper circuit on rise in production, sales in August
Force Motors also reported a rise in export figures from 227 units in July to an impressive 675 units in August, showcasing its global reach and competitiveness.
Force Motors shares were locked in a 5 per cent upper circuit on Thursday, September 7, after the company reported a rise in its sales and production data for the month of August. Force Motors reported that its total production for August 2023 reached 3,032 units, surpassing the 2,987 units produced in July 2023.
Total sales for August 2023 stood at 2,601 units, an increase from the 2,564 units sold in the previous month. Moreover, the company's export figures also surged, rising from 227 units in July to an impressive 675 units in August, showcasing its global reach and competitiveness.
This positive development comes ahead of the company's 64th Annual General Meeting (AGM), scheduled for September 28, 2023. It's worth noting that Force Motors recently posted a net profit of Rs 68.56 crore in the quarter ending June 2023, marking a turnaround from the Rs 16.61 crore loss it reported in the same quarter a year ago.
Force Motors sales details in August
In August, the company delivered 2,360 units of SCVs and LCVs, along with 672 units of UVs, SUVs, and tractors, culminating in a total sales figure of 3,032 units.
Comparatively, in the same month of the previous year, the company sold 2,362 units, marking a substantial YoY increase of 28.36 per cent, as confirmed by the company's exchange filing.
Force Motors share price
Force Motor shares were trading at Rs 3,629.85 each on the NSE, up by Rs 172.85 or 5 per cent from the previous close, at 12:27PM on Thursday.
The company's share price has soared over 31 per cent in the past month and a remarkable 172 per cent over the past year-long period.
The stock has been on a remarkable journey over the past year, touching a 52-week high of Rs 3,655 apiece on August 17, 2023, and a 52-week low of Rs 1,085.20 on March 28, 2023.
Currently trading at just below its 52-week high, the share price has surged 234.8 per cent from its 52-week low. Investors who have held the stock for the past six months have witnessed a remarkable 180 per cent increase in its value.
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