Hero MotoCorp was up 5% at Rs 2,934 after the company dispatched 734,668 units of motorcycles and scooters in October 2018 – a growth of 16.4% over the corresponding month of the previous fiscal. The two-wheeler company had sold 631,105 units in the month October 2017.
“Coming immediately after the Company’s highest-ever monthly sales (769,138 in September 2018), the growth provides a positive outlook on the industry, which has witnessed a sub-par festive season sales thus far this year,” Hero MotoCorp said in a statement.
Compared to the previous year, retail off-take across the country during the initial few weeks of the festive season has been moderate, primarily on account of the significant increase in Insurance cost, followed by the associated confusion over the coverage amount and period in the matter of two-wheeler insurance.
The company hopes to see a positive turnaround in the sentiments and retail sales to pick up in the days leading up to Diwali.
“Demand gained momentum with the onset of the festival season. We have sold 46,312 tractors in the domestic market during October 2018, a growth of 17% over last year. All our plants operated at full capacity, to help us meet the festive demand,” said Rajesh Jejurikar, President - Farm Equipment Sector, M&M.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in