Hero Honda gains on 87% jump in net

Hero Honda has advanced 1.48% to Rs 1,664, on the back of 83% jump in net profit for the first quarter ended June, 2009. The company posted a net profit of Rs 500.1 crore compared to Rs 272.9 crore in the corresponding quarter last year.

The counter has witnessed trades of around 28,693 shares so far as against its two-week average traded quantity of 88,570 shares. The scrip touched a high of Rs 1,694, after opening at Rs 1,634.

The stock  touched a 52-week high of Rs 1,780 on July 27,2009, Since July 14,2009, the stock started to gain significantly and has surged 18.68 per cent from Rs 1,402 .

Hero Honda,the country’s largest manufacturer of motorcycles achieved strong sets of numbers due to a combination of lower raw material costs and record sales. Net sales for the three-month period was Rs 3,811 crore, a 34% rise against the Rs 2,843.5 crore earned for the same quarter last year.

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