Hero MotoCorp rose 1.52% to Rs 3,225 at 9:16 IST on BSE after the company said its motorcycle sales rose 1.32% to 5.49 lakh units in June 2016 over June 2015.
The announcement was made after market hours on Friday, 1 July 2016.Meanwhile, the BSE Sensex was up 160.98 points, or 0.59%, to 27,305.89.
On BSE, so far 569 shares were traded in the counter, compared with an average daily volume of 40,275 shares in the past one quarter. The stock hit a high of Rs 3225 and a low of Rs 3177 so far during the day. The stock hit a 52-week high of Rs 3,222.35 on 30 June 2016. The stock hit a 52-week low of Rs 2,259.10 on 7 September 2015. The stock had outperformed the market over the past one month till 1 July 2016, rising 1.25% compared with 1.12% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 7.64% as against Sensex's 7.42% rise.
The large-cap company has an equity capital of Rs 39.94 crore. Face value per share is Rs 2.
Hero MotoCorp said it reported sales growth of 6.07% to 17.45 lakh units in Q1 June 2016 over Q1 June 2015 in spite of subdued rural demand. The company said it will soon introduce Splendor iSmart 110 motorcycle in the market - the first motorcycle to have been completely developed by the in-house research and development (R&D) team at Hero MotoCorp. The company further added that with the implementation of the 7th Pay Commission and the forecast of the above-average monsoon, it is optimistic about a pick-up in sales momentum.
Last week, the Union Cabinet approved 7th Pay Commission's proposal to raise salaries and pensions for central government employees, which could boost consumer spending and lift demand for two-wheelers and passenger vehicles.
Hero MotoCorp's net profit rose 70.9% to Rs 814.16 crore on 10.3% increase in net sales to Rs 7385.23 crore in Q4 March 2016 over Q4 March 2015.
Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.
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