Hero MotoCorp shares erase early losses to end in green

Mumbai, Aug 6: Paring all its early losses, shares of the country’s largest 2-wheeler maker Hero MotoCorp ended with marginal gains today. The Hero MotoCorp ended with a gain of 0.48 per cent at Rs 2,596.55 on the BSE. In intra-day, it had lost 2.29 per cent to Rs 2,525. At the NSE, the stock was up 0.45 per cent to settle at Rs 2,595.

The company had yesterday reported 2.58 per cent increase in net profit at Rs 562.76 crore for the first quarter ended June 30, 2014-15. It had posted net profit of Rs 548.58 crore in the year-ago period. Net sales of the company went up by 14.24 per cent to Rs 6,999.4 crore for the first quarter, against Rs 6,126.84 crore during the same period of previous financial year, Hero MotoCorp had said in a statement.

It also announced elevation of its current MD and CEO Pawan Munjal as the Vice-Chairman and Managing Director of the company.
Commenting on the result, Munjal said: “We have continued to sustain our robust volume growth despite the overall sluggish industry scenario.” ”Despite the sub-normal monsoon in some parts of the country impacting sentiments, we are confident of consolidating our market leadership by clocking growth in the double digit in rest of the fiscal,” he added. The company has also declared an interim dividend of Rs 30 per equity share.