 "Hero MotoCorp nears 52-week low on weak August sales")
Hero MotoCorp is trading lower by 2.6% at Rs 2,323 on the National Stock Exchange (NSE) after two-wheeler maker reported 13.97% year-on-year decline in sales at 480,537 units in August.
The company had sold 558,609 units in the same month last year, Hero MotoCorp said in a statement. In July 2015, it sold 487,580 units.
Commenting on sales performance, Hero MotoCorp said: "The festive season this year will begin almost three weeks late, as compared to last year, and this shift in season is also reflected in the subdued sales in August vis-a-vis the same period last year."
"With the upcoming festive season, we expect sentiments to improve which in turn is likely to revive market demand. The industry expects the second half of the year to be better than the first two quarters," the company said in a press release.
The stock has hit an intra-day low of Rs 2,300 and is 2% away from its 52-week low of Rs 2,251 touched on May this year.
Till 09:39 AM, a combined 102,721 shares changed hands on the counter on the NSE and BSE.
The company had sold 558,609 units in the same month last year, Hero MotoCorp said in a statement. In July 2015, it sold 487,580 units.
Commenting on sales performance, Hero MotoCorp said: "The festive season this year will begin almost three weeks late, as compared to last year, and this shift in season is also reflected in the subdued sales in August vis-a-vis the same period last year."
"With the upcoming festive season, we expect sentiments to improve which in turn is likely to revive market demand. The industry expects the second half of the year to be better than the first two quarters," the company said in a press release.
The stock has hit an intra-day low of Rs 2,300 and is 2% away from its 52-week low of Rs 2,251 touched on May this year.
Till 09:39 AM, a combined 102,721 shares changed hands on the counter on the NSE and BSE.
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