Hero MotoCorp rose 2.02% to Rs 2664.80 at 9:17 IST on BSE after net profit fell 4.5% to Rs 769.10 crore on 7.5% increase in net sales to Rs 7,864.82 crore in Q3 December 2018 over Q3 December 2017.
The result was announced after market hours yesterday, 31 January 2019.Meanwhile, the S&P BSE Sensex was up 89.88 points, or 0.25% to 36,346.57.
On the BSE, 2203 shares were traded in the counter so far compared with average daily volumes of 28,000 shares in the past two weeks. The stock had hit a high of Rs 2664.80 and a low of Rs 2620 so far during the day. The stock hit a 52-week high of Rs 3,862 on 18 April 2018. The stock hit a 52-week low of Rs 2,561.90 on 31 January 2019.
Hero MotoCorp registered third-quarter sales of 17,98,905 two-wheeler units, reflecting a growth of 5.3% over corresponding period of the previous year.
Dr. Pawan Munjal, chairman, Hero MotoCorp, said that there have been temporary setbacks in the third quarter of the current fiscal on account of multiple factors, leading to higher than normal inventory levels at dealerships. However, the fourth quarter has historically been positive and the firm looks forward to an improved market situation in the coming months. Hopefully, the upcoming budget will have enough impetus for the agriculture and social sectors to trigger a positive turnaround in the sentiments.
Hero MotoCorp is the world's largest two-wheeler manufacturer.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
