Better-than-expected quarterly performance by Hero Honda Motors is expected to trigger a rally in motorcycle stocks.
During the quarter ended June 2003, the stocks of motorcycle companies rose by an average of 25.5 per cent compared with the Sensex growth of 20.7 per cent.
LML was the biggest gainers, recording a hefty 58.30 per cent rise. The stock moved up from Rs 27.10, as on March 31, 03, to Rs 42.90 as on July 10, 2003.
Also Read
Maharashtra Scooters gained 47 per cent to Rs 99.95, while Kinetic Motors appreciated by 25.7 per cent to Rs 34.
The stock market leader Bajaj Auto underperformed the sector, recording a modest gain of 13.6 per cent at Rs 544.75. Hero Honda gained 36.33 per cent to Rs 256.85.
TVS Motors, which outperformed the sector with highest growth in sales and profits, appreciated by 38 per cent in the first quarter.
Hero Honda