Hero MotoCorp gains after declaring good monthly sales

Hero MotoCorp rose 0.55% to Rs 3,643.60 at 09:28 IST on BSE after the company said its total sales rose 11% to 7.06 lakh units in May 2018 over May 2017.

The announcement was made after market hours on Friday, 1 June 2018.

Meanwhile, the S&P BSE Sensex was up 86.66 points, or 0.25% to 35,313.92.

On the BSE, 3,406 shares were traded in the counter so far compared with average daily volumes of 17,000 shares in the past two weeks. The stock had hit a high of Rs 3,678.05 and a low of Rs 3,638.30 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 3,353.75 on 23 March 2018.

Sustaining strong sales momentum, Hero MotoCorp has continued to further consolidate its domestic market leadership with an all-time high sales for the month of May. During the month, Hero MotoCorp showcased its new offering in the premium segment-the Xtreme 200R. This motorcycle is slated for launch in the second quarter of this fiscal.

With the forecast of a good monsoon this year, there is expectation of an uptick in market demand in the later part of the year, leading to a sustained momentum in the positive turnaround in sentiments across the country, Hero MotoCorp said. The company is well placed to leverage that with the upcoming introduction of its new motorcycles and scooters during the year, it added.

Hero MotoCorp's net profit rose 34.78% to Rs 967.40 crore on 23.71% growth in net sales to Rs 8,564.04 crore in Q4 March 2018 over Q4 March 2017.

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

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