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Hero MotoCorp almost flat after weak November sales

Capital Market 

Hero MotoCorp rose 0.19% to Rs 3,184.50 at 10:00 on after total sales declined 13.07% to 4.79 lakh units in November 2016 over November 2015.

The announcement was made after market hours yesterday, 1 December 2016.

Meanwhile, the Sensex was down 168.42 points, or 0.63%, to 26,391.50.

On the BSE, so far 5,507 shares were traded in the counter, compared with average daily volumes of 30,188 shares in the past one quarter. The stock had hit a high of Rs 3,194.90 and a low of Rs 3,150.50 so far during the day.

The stock hit a record high of Rs 3,739.90 on 8 September 2016. The stock hit a 52-week low of Rs 2,375 on 18 January 2016. The stock had underperformed the market over the past 30 days till 1 December 2016, falling 4.39% compared with the 3.51% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.18% as against Sensex's 6.91% decline.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Hero MotoCorp, which posted record festive sales this year, saw a drop in retail sales after the demonetisation initiative when the entire industry also witnessed decline in sales. With the slew of measures being implemented by the government, and several initiatives immediately undertaken by Hero MotoCorp to support its dealers and consumers, the company expects the situation to steadily improve.

In November 2016, the company showcased the Dawn 125 motorcycle at the EICMA Motorcycle Show in Milan. As part of Hero MotoCorp's market-specific product strategy, the Dawn 125 motorcycle has been developed specifically for the Africa region.

Net profit of Hero MotoCorp rose 27.7% to Rs 1004.22 crore on 14.2% rise in net sales to Rs 7669.53 crore in Q2 September 2016 over Q2 September 2015.

Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 09:55 IST