Hero MotoCorp gains after LIC hikes stake

Hero MotoCorp rose 1.37% to Rs 3109.30 after Life Insurance Corporation (LIC) of India hiked stake in the company to 9.166% from 7.145% earlier.

LIC purchased 40.36 lakh shares of the company (equivalent to 2.021% stake) between 19 May 2020 and 4 January 2021.

Consequently, LIC's stake in the Hero MotoCorp has risen to 9.166% from 7.145% stake earlier.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year.

The two-wheeler major's consolidated net profit jumped 9.1% to Rs 963.82 crore on 23.7% increase in net sales to Rs 9,473.32 crore in Q2 September 2020 over Q2 September 2019.

 

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