- By Aditya Pratap Singh
- Mon, 18 Nov 2024 12:07 PM (IST)
- Source:JND
Hero Motocorp Share price:The leading two-wheeler maker Hero MotoCorp's shares rose by more than 5 per cent on Monday. The company's consolidated profit after tax increased by 6 per cent year-on-year to Rs 1,066 crore in the quarter ended September 30, 2024. The increase is due to higher sales. The stock rose 5.12 per cent to Rs 4,840.40 on the BSE. It rose 5.12 per cent to Rs 4,839.95 on the NSE.
The country's largest two-wheeler maker had reported a profit after tax (PAT) of Rs 1,007 crore in the July-September quarter of the previous fiscal. Hero MotoCorp said in a regulatory filing on Thursday that revenue from operations rose to Rs 10,483 crore in the September quarter as against Rs 9,533 crore in the same period a year ago.
The company sold 15.2 lakh motorcycles and scooters in July-September this fiscal, as against 14.16 lakh units in the same period last fiscal. Hero MotoCorp CEO Niranjan Gupta said that our strong focus on cash management has resulted in strong cash flows, which further strengthened our financial position. He said that while the company's existing line of strong brands is performing well in the entry and deluxe segments, its journey to build a powerful portfolio in the premium segment is progressing rapidly.
Stock Market Today
On Monday, domestic equity benchmark indices fell in early trade due to continuing foreign fund outflows, selling in IT stocks, and weak cues from US markets. At around 10:20 am, The Sensex, the index of the top 30 shares on BSE, was trading at 77,218.06, down 326 points or 0.47 per cent. The Nifty 50, the index of the top 50 shares on the NSE, was down 94.75 points to trade at 24,437.95 points.
Among the Sensex 30-share pack, Tech Mahindra, Infosys, HCL Technologies, NTPC, Tata Consultancy Services, Tata Motors, Axis Bank, and IndusInd Bank were the top losers. HDFC Bank, Bajaj Finance, Tata Steel, and Asian Paints were among the gainers.
According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 1,849.87 crore on Thursday. Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month due to high domestic stock valuations, rising allocations to China, and a rise in the US dollar and Treasury yields.