Eicher Motors Ltd on Monday became India’s fourth most valuable automaker, displacing Bajaj Auto Ltd, which held that position so far. With this, Eicher, parent of Royal Enfield Ltd, has also become the country’s most valuable two-wheeler maker, beating Bajaj Auto and Hero MotoCorp Ltd, which have much higher revenues.

With the 2.41% rise on Monday, shares of Eicher Motors, which makes trucks and motorcycles, have gained 38% since the beginning of the year. Data from BSE showed Eicher now has a market capitalization of Rs81,776.67 crore, after its shares closed at an all-time high of Rs30,040.60 apiece. The benchmark Sensex on Monday rose 0.63% to 32,514.94 points.

Eicher’s subsidiary Royal Enfield, which makes the Bullet and Thunderbird motorbikes, has seen brisk sales even as the overall two-wheeler market has remained sluggish. This has helped Eicher balance the cyclical weakness in its commercial vehicles business.In the three months to June, sales at Royal Enfield grew 24.7% over the last year to 188,000 units, according to industry body Society of Indian Automobile Manufacturers (Siam).

Eicher will announce its June quarter earnings on 9 August; the median estimate in a Bloomberg survey of 14 analysts puts the company’s likely net profit at Rs 453 .10 crore and net sales at Rs 1966.30 crore .