Hero MotoCorp Ltd
(HMCL), the world’s largest two-wheeler manufacturer, reported a 9% yoy decline in vehicles sales in January 2019. Sequentially, (mom basis) volumes were up 28%.
HMCL sold 5,82,756 vehicles in January 2019 against 6,41,501 vehicles in January 2018 and 4,52,985 vehicles in December 2018. The reported number was lower than BloombergQuint's estimates of 6,00,000 vehicles.
In its press release, the company highlighted concerns such as an increase in insurance cost, liquidity crunch, and low market sentiment as the factors behind the subdued performance. The management was hopeful that sales would pick up in Q4FY19, given that they are relatively strong in the wedding season.
Hero MotoCorp Ltd share price is currently at Rs2,802, down Rs5.35, or 0.19%, from its previous close of Rs2,807.35 on the BSE. The scrip opened at Rs2,810 and has touched a high and low of Rs2,841.85 and Rs2,720.35, respectively. So far, 6,89,073 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs56,068.21cr.