Hero MotoCorp declines on reporting 12% fall in total sales in July
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Hero MotoCorp is currently trading at Rs. 3011.45, down by 91.55 points or 2.95% from its previous closing of Rs. 3103.00 on the BSE.
The scrip opened at Rs. 3051.00 and has touched a high and low of Rs. 3073.05 and Rs. 3005.70 respectively. So far 71272 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3242.85 on 01-Aug-2023 and a 52 week low of Rs. 2246.75 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 3242.85 and Rs. 3005.70 respectively. The current market cap of the company is Rs. 60365.17 crore.
The promoters holding in the company stood at 34.77%, while Institutions and Non-Institutions held 55.38% and 9.85% respectively.
Hero MotoCorp has sold 3,91,310 units in July 2023. This translates into a de-growth of 12.18% over the corresponding month of July 2022, when the company had sold 445,580 units. The numbers are reflective of the inclement weather conditions in July, including unprecedented rains and floods in certain parts of the country. The incessant rains and the floods caused crop damage in several states, and also resulted in sharp decline in customer footfalls at the dealerships.
Of the total sales in July 2023, the company sold 360,592 motorcycles and 30,718 scooters as against 421,288 motorcycles and 24,292 scooters sold in July 2022. Domestic sales stood at 371,204 units in July 2023, down from sales of 430,684 units in July last year. Besides, the company's exports surged to 20,106 units in July 2023 versus 14,896 units in July 2022.
New product launches leading into the upcoming festive season, along with attractive finance schemes is expected to result in improvement in market demand in coming months. In the month of July, Hero MotoCorp and Harley-Davidson launched their first co-developed premium motorcycle ‘Harley-Davidson X440’ in India. The Harley-Davidson X440 inherits the character of the iconic Harley-Davidson brand with its commanding road presence.
Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters.
