Force Motors shares locked in upper circuit after monthly business update

Yesterday, Force Motors reported its August month sales number. Post the announcement, today shares of the company have locked in the upper circuit at Rs 3633.25, up by 5%. Yesterday the script was closed at Rs 3460.25 and today it was opened at Rs 3626.05. 

The company has reported the production, sales and export of the vehicles for August 2023. The company’s production of Small Commercial Vehicles (SCV) and light Commercial Vehicles (LCV) stood at 2,360 units and Utility Vehicles (UV), Sports Utility Vehicles (SUV) and tractors stood at 672 units. 

The company’s domestic sales for SCV & LCV stood at 1,939 units and sales of UV, SUV and tractors stood at 662 units. The company has exported 673 units of SCV & LCV in the month of August 2023 and 2 units of UV, SUV & Tractors. 

The company posted a net profit of Rs 68.56 crore in the quarter that ended June 2023 against a loss of Rs 16.61 crore in June 2022. Yesterday, the company also reported their Notice of 64th Annual General Meeting (AGM) which will be held on September 28, 2023. It has also fixed September 21, 2023, as the Record Date to determine the members eligible to receive dividend, if declared in the AGM. 

The BSE group ‘B’ stock of face value of Rs 10 has touched a 52-week high of Rs 3655 on August 17 2023 and a 52-week low of Rs 1085.20 on March 28 2023. The company has a market capitalization of around Rs 4730 crore. Over the past one month shares of the company have increased their value by 33.04% and over the past six months it has given multibagger returns of 188.42%. 

Force Motors was established in 1958 by N. K. Firodia, with the vision to provide affordable commercial transport for the masses by harnessing the best available technology and offering economical, reliable and efficient products. Today, its range includes Small Commercial Vehicles (SCV), Multi-Utility Vehicles (MUV), Light Commercial Vehicles (LCV), Special Vehicles (Off-roaders / Recreation Vehicles, Military Vehicles) and Agricultural Tractors. 

>Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.