The Pune-based automaker revealed the final avatar of the all new Gurkha 2021 today on its social media platforms. The brand new Force Gurkha website is now live featuring its 360 degree exterior and interior panoramic views, a regulatory filing said.
Following the update, shares of Force Motors soared 10 per cent to Rs 1,614.45 on Wednesday, before trading at Rs 1,568.40 at 10.25 am. BSE Sensex was trading 241.04 points, or 0.41 per cent, higher at 58,488.13 at the same time.
The new Force Gurkha with conveniently located 4×4 high and 4×4 low levers in the central console makes it an unrivalled off-roading vehicle.
Santosh Meena, Head of Research, Swastika Investmart said, Force Motors is buzzing today ahead of a Cabinet meeting where the market is expecting a PLI scheme for the auto sector. The BS-6 compliant Gurkha is expected to compete with Mahindra’s Thar.
Also, there is a lot of buzz for the approval of the production linked incentive (PLI) scheme for the automobile sector.
The Union Cabinet is likely to approve on Wednesday a revised production-linked incentive (PLI) scheme for the automobile sector, which aims at promoting domestic manufacturing and creating jobs, according to sources.
Shares of Force Motors have gained up to 40 per cent in the last one year, underperforming the 50 per cent rise in BSE Sensex. The counter is down by 30 per cent in the last 3 years.
Technically, the stock has witnessed the breakout of a bullish inverse head and shoulder formation where it has a supply zone at Rs 1,550-1,600 and if it manages to close above the Rs 1,600 mark then we can expect a fresh move towards Rs 1,900. On the downside, Rs 1,400-1,350 area will act as a strong demand zone, Meena said.
