Force Motors shares rally up to 13% to hit fresh 52-week high on strong sales, exports in March

Force Motors Ltd shares rallied up to 13% to a fresh 52-week high of ₹9,261.8 per piece on the NSE on Monday, after the company reported strong growth in sales and exports for March 2024.

In its monthly production and sales data, the company reported that its total vehicle production stood at 3,152 units in March 2024.

The leading commercial vehicles producer informed the stock exchanges that its Small Commercial Vehicles (SCV) and Light Commercial Vehicles (LCV) production touched 2,720 units in March 2024. It also produced 432 units of Utility Vehicles (UV), Sports Utility Vehicles (SUV) and tractors for the month under review.

The automobile company’s domestic sales stood at 3,248 units. The SCV and LCV segments witnessed domestic sales of 2,908 units. The domestic sales for the UVs, SUVs and tractors stood at 340 units in March 2024.

The company’s exports for SCVs and LCVs stood at 420 units in the month of March 2024, Force Motors informed the stock exchanges.

Force Motors shares extend rally for 7th straight day

Shares of Force Motors opened higher at ₹8,871 and rallied further as much as 12.89% on the strong monthly sales numbers for March 2024, to a fresh 52-week high of ₹9,261.8 apiece on the NSE on Monday. However, the stock pared some of its early gains to close 4.83% higher at ₹8,600 apiece extending the rally for the 7th day in a row.

The company’s shares have gained nearly 14% in the past one week and more than 27% in the past month.

While Force Motors’ stock has shown over 94% rise so far this year, or on a year-to-date (YTD) basis, it has given stellar returns of over 550% to its shareholders in a year’s period.