Force Motors jumps 10% after launch of new Gurkha

New Delhi: Shares of rallied as a lot as 10 per cent in early commerce on Wednesday after the corporate unveiled its all new Gurkha.

The Pune-based automaker revealed the ultimate avatar of the all new Gurkha 2021 right this moment on its social media platforms. The model new Force Gurkha web site is now dwell that includes its 360 diploma exterior and inside panoramic views, a regulatory submitting stated.

Following the replace, shares of Force Motors soared 10 per cent to Rs 1,614.45 on Wednesday, earlier than buying and selling at Rs 1,568.40 at 10.25 am. BSE Sensex was buying and selling 241.04 factors, or 0.41 per cent, increased at 58,488.13 on the similar time.

The new Force Gurkha with conveniently situated 4×4 excessive and 4×4 low levers within the central console makes it an unrivalled off-roading automobile.

Santosh Meena, Head of Research, Swastika Investmart stated, Force Motors is buzzing right this moment forward of a Cabinet assembly the place the market is anticipating a PLI scheme for the auto sector. The BS-6 compliant Gurkha is anticipated to compete with Mahindra’s Thar.

Also, there’s a lot of buzz for the approval of the manufacturing linked incentive (PLI) scheme for the car sector.

The Union Cabinet is prone to approve on Wednesday a revised production-linked incentive (PLI) scheme for the car sector, which goals at selling home manufacturing and creating jobs, in keeping with sources.

Shares of Force Motors have gained as much as 40 per cent within the final one 12 months, underperforming the 50 per cent rise in BSE Sensex. The counter is down by 30 per cent within the final 3 years.

Technically, the inventory has witnessed the breakout of a bullish inverse head and shoulder formation the place it has a provide zone at Rs 1,550-1,600 and if it manages to shut above the Rs 1,600 mark then we will anticipate a recent transfer in direction of Rs 1,900. On the draw back, Rs 1,400-1,350 space will act as a robust demand zone, Meena stated.

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