Hero MotoCorp falls after declaring monthly sales

Hero MotoCorp fell 1.23% to Rs 3,231.65 at 9:31 IST on BSE after the company declared modest growth in monthly sales in July 2018 after market hours yesterday, 1 August 2018.

Meanwhile, the S&P BSE Sensex was down 189.34 points, or 0.5% to 37,332.28

On the BSE, 3,347 shares were traded in the counter so far compared with average daily volumes of 55,000 shares in the past two weeks. The stock had hit a high of Rs 3,290 and a low of Rs 3,229.50 so far during the day. The stock hit a record high of Rs 4,200 on 23 August 2017. The stock hit a 52-week low of Rs 3,037.10 on 24 July 2018.

Hero MotoCorp reported 9% rise in sales to 6.79 lakh units of two-wheeler in the month of July 2018 from July 2017 due to continued strong demand for range of popular motorcycles and scooters. The company has lined up multiple new product launches ahead of the festive season, including the Xtreme 200R motorcycle and the 125cc scooters.

Pawan Munjal, Chairman, MD, and CEO, Hero MotoCorp, said the company is confident of carrying the growth trajectory forward and expect to grow at doubledigit in the upcoming festive season. The normal monsoon in most parts of the country, and the consequent agricultural harvest will keep the sentiments buoyant and help maintain the momentum. Economic growth, rural investments and initiatives such as MSP, MNREGA etc. augur well for the future growth of the industry.

Hero MotoCorp's net profit fell 0.53% to Rs 909.17 crore on 10.39% rise in net sales to Rs 8809.82 crore in Q1 June 2018 over Q1 June 2017.

Hero MotoCorp is the world's largest manufacturer of two wheelers, based in India.

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