Hero MotoCorp gains after decent July sales

Hero MotoCorp rose 1.52% to Rs 3,778 at 9:23 IST on BSE after the company said its total two-wheeler sales rose 17.1% to 6.23 lakh units in July 2017 over July 2016.

The announcement was made after market hours yesterday, 1 August 2017.

Meanwhile, the S&P BSE Sensex was up 37.49 points, or 0.12% to 32,612.66.

On the BSE, 2,768 shares were traded in the counter so far, compared with average daily volumes of 65,533 shares in the past one quarter. The stock had hit a high of Rs 3,820.50 and a low of Rs 3,743.45 so far during the day. The stock hit a record high of Rs 3,880.25 on 5 June 2017. The stock hit a 52-week low of Rs 2,844.40 on 17 November 2016.

The stock had underperformed the market over the past one month till 1 August 2017, falling 1.47% compared with 4.34% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 10.49% as against Sensex's 8.97% rise. The scrip had underperformed the market in past one year, rising 14.16% as against Sensex's 16.42% rise.

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

Hero MotoCorp said it commenced the second quarter of the fiscal with a robust six-lakh plus sales in July, despite sluggish sales for the first few days of the month due to the transition to goods and services tax (GST). The company said it is confident of carrying forward this growth momentum into the upcoming festive season.

Net profit of Hero MotoCorp rose 3.50% to Rs 914.04 crore on 7.74% rise in net sales to Rs 7971.58 crore in Q1 June 2017 over Q1 June 2016.

Hero MotoCorp is the world's largest manufacturer of two-wheelers.

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