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Hero MotoCorp sells 10,000 units in one week; stock jumps up to 9%

Boosted by the development, Hero MotoCorp share price soared as much as 8.73 per cent to touch an intraday high of Rs 2,134.25 against previous closing price of Rs 1,962.35

Chitranjan Kumar | May 11, 2020 | Updated 16:31 IST
Hero MotoCorp sells 10,000 units in one week; stock jumps up to 9%
On May 4, Hero MotoCorp became the first two-wheeler manufacturer in the country to resume operations

Shares of Hero MotoCorp rallied nearly 9 per cent in intraday trade on the Bombay Stock Exchange (BSE) on Monday after the auto major said it sold around 10,000 units of motorcycles and scooters since the reopening of its retail operations.

On May 4, Pawan Munjal-led auto major became the first two-wheeler manufacturer in the country to resume operations after it reopened three of its manufacturing plants at Dharuhera and Gurgaon in Haryana and Haridwar in Uttarakhand, the company said in an exchange filing.

Hero MotoCorp said that it has commenced its retail operations with the re-opening of more than 1,500 customer touch-points including authorised dealerships and service centers. These outlets contribute to around 30 per cent of the company's total domestic retail sales.

"10,000 units of motorcycles and scooters have already been sold since the reopening of these customer touch points," Hero MotoCorp said in a filing to the BSE.

Boosted by the development, Hero MotoCorp share price soared as much as 8.73 per cent to touch an intraday high of Rs 2,134.25 against previous closing price of Rs 1,962.35. The stock settled day's trade at Rs 2,085.85, up 6.29 per cent. In contrast, the BSE Sensex ended Monday's trade at 31,561, down 81 points, or 0.26 per cent. 

Coronavirus lockdown 3.0: Hero MotoCorp to resume operations at 3 manufacturing plants

On the volume front, as much as 1.20 lakh shares changed hands over the counter as compared to two-week average of 0.47 lakh shares.

In a similar trend, shares of Hero MotoCorp ended at Rs 2,082.10, up 6.09 per cent, on the National Stock Exchange against previous closing level of Rs 1,962.60. The stock hit an intraday high of Rs 2,134.80.

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All of Hero MotoCorp's manufacturing facilities across the globe had halted operations since March 22 as a precautionary preventive measure against COVID-19.  

Hero MotoCorp has commenced vehicle dispatches from its manufacturing facilities for the current fiscal year (FY21) from May 7.

"In addition to sharing the restart manuals with dealer partners and parts distributors, it has also conducted intense training programs though webinars reaching to 700 internal sales, after-sales employees and over 7,000 customer touch-points, already," it said.

The company is maintaining strict procedures to ensure hygienic workplaces by ensuring measures such as thorough sanitisation of all workplaces regularly, sanitisation of buses, shuttles and other official vehicles after each trip, deep cleaning and sanitisation before daily shift commencement, Hero MotoCorp said.

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