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Hero MotoCorp share falls 2% post Q2 earnings

Share of Hero MotoCorp slipped 1.93% to Rs 2,888 against previous close of Rs 2,945 on BSE

twitter-logoBusinessToday.In | October 29, 2020 | Updated 09:52 IST
Hero MotoCorp share falls 2% post Q2 earnings
Hero MotoCorp share trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages

Hero MotoCorp share fell nearly 2% in early trade today despite the world's largest two-wheeler manufacturer reporting a 8.99 per cent increase in standalone profit during the September quarter. Share of Hero MotoCorp slipped 1.93% to Rs 2,888 against previous close of Rs 2,945 on BSE.

Hero MotoCorp share trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

The share has gained 20.85% since the beginning of this year and risen 9.33% in one year.

Total 0.14 lakh shares changed hands amounting to turnover of Rs 4.08 crore  on BSE. Market cap of the firm stood at Rs 58,792 crore.

Sales recuperated from the dismal lows of first quarter of this fiscal. The two-wheeler major sold 18.22 lakh units during the quarter ended September 30, 2020 against 5.65 lakh units during June quarter this fiscal.   

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The company had sold 16.91 lakh units during September quarter last fiscal.

Rise in sales led to higher profit in Q2 of the current fiscal.

The firm posted a net profit of Rs 953.45 crore during the quarter under review against Rs 874.80 crore in the corresponding quarter last year and significantly higher than Rs 61.31 crore in the June quarter of this fiscal.

Hero MotoCorp's revenue from operations for the second quarter of this fiscal stood at Rs 9,367.34 crore, growing 23.7 per cent from Rs 7,570.70 crore in the year-ago period.

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