Hero MotoCorp rose 1.49% to Rs 3,080 at 09:46 IST on BSE after the company said is confident of clocking all-time high monthly retail scooter sales this month.
Meanwhile, the BSE Sensex was up 146.26 points, or 0.54%, to 27,027.08
On BSE, so far 9,437 shares were traded in the counter, compared with an average volume of 45,665 shares in the past one quarter.
The stock hit a high of Rs 3,110 and low of Rs 3,056.40 so far during the day. The stock had scaled a record high of Rs 3,144 on 23 October 2014. The stock hit a 52-week low of Rs 1,907 on 21 February 2014.
The large-cap company has an equity capital of Rs 39.94 crore. Face value per share is Rs 2.
Hero MotoCorp after trading hours yesterday, 28 October 2014, said that the company is confident of clocking over 90,000 units of scooters in retail sales in this month, which will be the company's all-time high monthly retail scooter sales. The company further said that it is raising scooter production capacity to about 1 lakh units per month by January 2015. Like the previous year, Hero MotoCorp is confident of clocking good double digit growth in scooters this year as well. The company has lined up two new scooter models for launch over the next few months, Hero MotoCorp said.
Meanwhile, the Reserve Bank of India (RBI) on Monday, 28 October 2014, notified that foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Hero MotoCorp under the Portfolio Investment Scheme. The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs. The purchases could be made through primary market and through stock exchanges. Total foreign holding in Hero MotoCorp stood at 43.01% (as per the shareholding pattern as on 30 September 2014).
Hero MotoCorp on 22 October 2014 said that the company expects to clock retail sales of close to 150,000 units on Dhanteras, which is a 40-50% growth over sales on the same day last year. Dhanteras, considered auspicious for purchase of precious metals and traditionally a day when the largest number of vehicles are delivered to customers across India, was on 21 October 2014.
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Hero MotoCorp on 20 October 2014 said that its manufacturing facility at Neemrana in Rajasthan has gone on stream. The company said that the current capacity of the plant is 7.50 lakh units per annum which is likely to go up with rising demand. The company has invested Rs 1050 crore in the plant. Hero MotoCorp said that the combined installed production capacity of the company has now risen-up to 7.65 million units per annum -- well in course to achieve the stated objective of 12 million units annual capacity by 2020.
Hero MotoCorp's net profit jumped 58.6% to Rs 763.37 crore on 21.7% growth in total income to Rs 7108.85 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on 16 October 2014.
Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.
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