(Reuters) -Shares of India's Eicher Motors jumped 7% on Thursday, set for their best day in a year, after the motorcycle maker's better-than-expected quarterly profit indicated, according to analysts, that the toughest phase of competition was over.

Shares of India's Eicher Motors jumped 7% on Thursday, set for their best day in a year, after analysts said its second-quarter results indicated that the toughest phase of competition for the 'Royal Enfield' motorcycle manufacturer was now behind it.

Eicher Motors shares rose nearly 8% to ₹4,940 after reporting a higher-than-expected quarterly profit, driven by strong sales of higher-margin motorcycles. Brokerages maintained positive ratings, with Jefferies projecting a target of ₹5,

Japan-based brokerage Nomura has upgraded Eicher Motors to a 'Neutral' rating from 'Reduce' and raised its target price from Rs 4,102 to Rs 4,391

India's Eicher Motors was on course for its best day since mid-2020, after the Royal Enfield motorcycle maker posted a quarterly profit beat, which analysts said indicated that the "toughest phase" of competition was over.

Eicher Motors shares jumped over 8% on Thursday after the company reported an 8% increase in consolidated profit for the September 2024 quarter, driven by robust sales across its business segments.

Eicher Motors recorded a standalone net profit of Rs 1010 crore in the second quarter of 2024. Revenue rose to Rs 4,205 crore. Royal Enfield sold 2.25 lakh motorcycles. The company launched two electric motorcycle models under the brand Flying Flea.