Shares of Indian automobile maker Force Motors gained the most in a month on Wednesday after the firm unveiled a new model of its sports utility vehicle (SUV), the Gurkha.
The stock finished 5.9% higher at INR1,550 on the National Stock Exchange, hours after the company rolled out the new vehicle, which will compete with rival Mahindra & Mahindra’s (M&M) Thar SUV.
The Pune-based firm, which also manufactures engines for Daimler AG and BMW AG cars sold in India, has a market capitalisation of INR20.58bn ($280m).
New features
This year’s Gurkha, according to the company, has a wider, longer body and new interiors, and is built on a high strength C-in-C chassis that is crash compliant. The SUV carries forward the previous generation model’s Mercedes G-Wagen inspired looks and stance, the firm said in a 15 September regulatory filing.
Force Motors’ managing director Prasan Firodia said: “…we have designed and developed the all-new Gurkha on a ground up, modular architecture platform and are confident that we shall now be able to appeal to a much wider audience who wish to own a vehicle that is suitable for both daily commutes as well as adventure trips.”
According to the statement, the vehicle is powered by a 2.6 litre 91bhp Mercedes-derived common rail, direct injection, turbocharged diesel engine. The power train meets local BS6 emission norms.
Force also sells tractors, goods carriers and buses in the domestic market. Vehicles and auto components are made at 15 production sites countrywide.
