Force Motors share price: The stock of the manufacturer of the Gurkha compact SUV has rewarded investors with a return of 20 percent in the past one month.
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Shares of Force Motors scaled a seven-month peak on Tuesday, extending gains to a third straight day, a day after the auto maker reported a 10 percent increase in total production last month. In a business update, Force Motors — the manufacturer of the all new Force Gurkha SUV — said its total production stood at 2,362 units in August 2022, as against 2,148 in August 2021.
The total production last month included a total of 1,699 small and light commercial vehicles, and 663 utility vehicles, SUVs and tractors, according to the filing.
The jump in production comes ahead of the onset of the festive season in India, which typically leads to higher demand for the sector. Businesses across industries, however, have scrambled to protect their margins for much of 2022 amid a surge in raw material costs.
Its total sales in the domestic market jumped 21.9 percent to 1,813 vehicles, according to the filing. The auto maker's exports, however, dropped 17.2 percent on year to 414 vehicles.
The stock of Force Motors — whose vehicles include Force One, Force Trax, Force Traveller and Force Balwan — has grown by one-fifth in value in the past one month, a period in which the Nifty50 benchmark has risen 1.5 percent.