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Hero MotoCorp rises after announcing price hike

Capital Market 

Hero MotoCorp was up 0.81% to Rs 2,399.50 at 09:20 IST on the BSE after the company announced that it has made an upward revision in the ex-showroom prices of its motorcycles and scooters.

The announcement was made after market hours yesterday, 8 July 2019.

Meanwhile, the S&P BSE Sensex was down by 232.37 points, or 0.60% to 38,488.20.

On the BSE, 1,799 shares were traded in the counter so far compared with average daily volumes of 22,000 shares in the past two weeks. The stock had hit a high of Rs 2,400.35 and a low of Rs 2,374.05 so far during the day. It hit a 52-week high of Rs 3,695 on 10 July 2018 and a 52-week low of Rs 2,360 on 8 July 2019.

Hero MotoCorp said that the price increase across its range of two-wheelers has been 1% (of the ex-showroom price) effective 8 July 2019, although the exact quantum of the increase will vary on the basis of the model and the specific market.

Hero MotoCorp's net profit fell 24.5% to Rs 730.32 crore on a 7.9% fall in the net sales to Rs 7884.96 crore in Q4 March 2019 over Q4 March 2018.

Hero MotoCorp designs and develops technologically advanced motorcycles and scooters for customers around the world. The company is the dominant market leader in India - the world's largest two-wheeler market - with over 50% share in the domestic motorcycle market.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 09 2019. 09:21 IST