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Hero MotoCorp gains on acquiring 49.2% stake in Erik Buell Racing

Capital Market 

The announcement was made before market hours today, 1 July 2013.

Meanwhile, the S&P Sensex was up 103.30 points or 0.53% at 19,499.11.

On BSE, 3,908 shares were traded in the counter as against average daily volume of 32,885 shares in the past one quarter.

The stock hit a high of Rs 1,685 and a low of Rs 1,663 so far during the day. The stock had hit a 52-week high of Rs 2,149.95 on 29 June 2012. The stock had hit a 52-week low of Rs 1,434.05 on 15 April 2013.

The stock had underperformed the market over the past one month till 28 June 2013, sliding 4.78% compared with the Sensex's 3.79% fall. The scrip had, however, outperformed the market in past one quarter, surging 7.81% as against Sensex's 2.97% rise.

India's largest two-wheeler maker by sales has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

Hero MotoCorp (HMCL) said that HMCL (NA) has agreed to invest $25 million in Erik Buell Racing, inc. (EBR) for a total stake of 49.2% in the share capital of EBR. The first tranche of $15 million has been invested by HMCL (NA) on 28 June 2013. The second tranche of $10 million is proposed to be invested within the next 9 months, HMCL said.

Hero MotoCorp's net profit declined 4.9% to Rs 574.23 crore on 1.8% growth in net sales to Rs 6072.47 crore in Q4 March 2013 over Q4 March 2012.

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

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First Published: Mon, July 01 2013. 11:40 IST