Nomura raised its target price on Hero MotoCorp to Rs 5,805 citing strong Q2 results which also beat estimates. The brokerage highlighted Hero MotoCorp's strong rural demand during the festive season, boosted by a healthy monsoon.
The company, which unveiled its new performance bike MAVRICK 440, is also ramping up production to 10,000 units a month to meet demand for motorcycles in the segment.
About 1,922 shares advanced, 1,483 shares declined, and 124 shares remained unchanged on July 5.
Hero Motocorp Ltd stock has considerably underperformed the benchmark Nifty50 index over the past 5 years. The Hero Motocorp Ltd stock has lost 21.36 percent of its value over the last 5 years. Whereas, the benchmark Nifty50 index has given a return of 71.96 percent over the same period.
Net profit went up 37 percent YoY and Ebitda/vehicle has touched a new high
Niranjan Gupta, who is being elevated from his current role as CFO and head of strategy, will take charge from May 1
Sources told CNBC TV18 that the claims related to the false expenses were detected in the I-T raid conducted from March 23 to March 26 at premises linked to Hero Motocorp.
Singh, who has been heading the marketing function at the two- wheeler major, is being elevated to this newly constituted role, Hero MotoCorp said in a statement.
The current fiscal has seen the domestic two-wheeler industry impacted by twin challenge of softer demand due to pandemic and margin squeeze due to sharp commodity cost inflation, said Niranjan Gupta, Chief Financial Officer
Hero Moto Q2: Demand recovery was slower than expected after the lifting of COVID-related restrictions. Margins are likely to be affected going ahead due to inflation in raw material prices and operating deleverage.
A flat to negative opening is likely as Nifty Futures on Singaporean Exchange were trading 8 points lower. The futures traded around 11,800-odd levels.
"We advocate traders to buy this stock in the range of Rs 3725 – 3700 with a price target of Rs 4000. A stop loss should be placed below Rs 3600," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.
We expect Nifty50 will continue to consolidate in a broad range of 10,300-10,500 for the next few trading sessions before giving any fresh breakout on either side," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.
The company's sales in the month of March rose 1.5 percent from a year earlier to 531,750 units.
The country's largest two-wheeler maker Hero MotoCorp today said it plans to merge a promoter group firm Hero Investment with itself and the board will take up the proposal its meeting next week.
Hero MotoCorp Ltd, India's biggest two-wheeler maker, said on Tuesday it aims to almost double its sales volume and turnover in the next five-to-six years.