Hero MotoCorp slips after reporting weak sales for August 2015

Hero MotoCorp fell 1.85% to Rs 2,341.10 at 9:22 IST on BSE after the company reported 13.98% decline in its two-wheeler sales to 4.80 lakh units in August 2015 over August 2014..

The company announced the monthly sales volume data after market hours yesterday, 1 September 2015.

Meanwhile, the BSE Sensex was up 99.73 points, or 0.39%, to 25,796.17.

On BSE, so far 4,821 shares were traded in the counter, compared with an average volume of 30,670 shares in the past one quarter.

The stock hit a high of Rs 2,368.20 and a low of Rs 2,330 so far during the day. The stock hit a record high of Rs 3,271.80 on 1 December 2014. The stock had hit a 52-week low of Rs 2,252 on 8 May 2015.

The stock had underperformed the market over the past one month till 1 September 2015, sliding 10.81% compared with 8.60% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.97% as against Sensex's 7.73% decline.

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

Hero MotoCorp (HMCL) attributed the decline in sales in August 2015 to late onset of the festive season this year compared to last year. HMCL has decided to launch a slew of new products leading up to the festive season this year. It will initially launch two new scooters which will be followed by introduction of new bikes.

Hero MotoCorp's net profit rose 33.33% to Rs 750.34 crore on 2% decline in net sales to Rs 6855.98 crore in Q1 June 2015 over Q1 June 2014.

Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.

Powered by Capital Market - Live News