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Hero MotoCorp bounces back 5% from intra-day low

The management said that sales so far in the current festive season have been in line with sales in the festive season a year ago, showing a positive bias

Read more on:    Auto | Hero Motocorp | Bajaj Auto
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(HMCL) is trading higher by over 2% at Rs 1,834 bouncing back 5% from intra-day low after the management said that sales so far in the current festive season have been in line with sales in the festive season a year ago, showing a positive bias.

“The company is selling close to 26,000 vehicles per day during the ongoing Navratri festive season. The company has begun dispatches of new 110cc Passion X-pro and expects it to be available by Diwali. Also, 125cc segment (Super Splendour, Glamour and new Ignitor) is witnessing strong demand. In case of scooters, Maestro sales are also going up,” Hero MotoCorp said in a conference call.

Meanwhile, most of the analysts are cautions on outlook of the company as Honda Motorcycle & Scooter India (HMSI) focus on entry level motorcycles, with the launch of new products will result in intense competition.

“HMCL’s current inventory in the system is over 6 weeks, while festive demand indicates sequential volume improvement, though on YoY basis it is more or less flat. This would result in lower dispatches over next 2-3 months, which may lead to flat volume in H2FY13” according to analyst at Karvy Stock Broking.

The stock opened at Rs 1,768 and hit a low of Rs 1,753 on the NSE. A combined 3.28 million shares have changed hands on the counter so far on both the exchanges.

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