Hero MotoCorp rose 3.34% to Rs 2,788 at 9:18 IST on BSE after net profit rose 33.33% to Rs 750.34 crore on 1.15% decline in total turnover (net sales plus other operating income) to Rs 6955.26 crore in Q1 June 2015 over Q1 June 2014.
The Q1 result was announced after market hours yesterday, 3 August 2015.
Meanwhile, the S&P BSE Sensex was up 19.88 points or 0.07% at 28,206.94.
On BSE, so far 9,577 shares were traded in the counter as against average daily volume of 25,000 shares in the past two weeks.
The stock hit a high of Rs 2,800 and a low of Rs 2,751.30 so far during the day. The stock had hit a record high of Rs 3,271.80 on 1 December 2014. The stock had hit a 52-week low of Rs 2,252 on 8 May 2015.
Commenting on the company's Q1 performance, Pawan Munjal, Chairman, Chief Executive Officer and Managing Director of Hero MotoCorp said that during Q1 June 2015, the company continued to strengthen its market leadership through a combination of new product launches and strategic marketing initiatives. Hero MotoCorp further expanded its already wide and diverse product portfolio with two new offerings - the Xtreme Sports and Passion Pro in this quarter. These products have witnessed a very poistive response, enabling it to fortify its leadership position. Strong demand for the company's products in the 125cc category has also been instrumental in driving volumes, Munjai said. Hero MotoCorp has lined up a slew of new launches including scooters and motorcycles as it moves into the festive season, Munjal said.
Meanwhile, Hero MotoCorp's board of directors at its meeting held yesterday, 3 August 2015, accorded its consent for the company to become a direct party to the settlement agreement which was executed on 27 July 2015 amongst HMCL (NA), Inc., HMCL Americas, Inc. and the receiver appointed by the Court for the County of Walworth, Wisconsin, U.S.A. (Circuit Court) in the matter of Assignment for Benefit of Creditors under Chapter 128 of the Wisconsin Statutes filed by the Erik Buell Racing, Inc. and Erik Buell LLC. As informed earlier, the Settlement Agreement will be, inter alia, contingent upon its approval by the Circuit Court, Hero MotoCorp said.
Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.
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