Hero MotoCorp’s shares increased by nearly 3% to Rs 4,715.80 in early trading on February 2 on the release of the company’s positive January 2024 sales numbers. The stock was trading at Rs 4,715.80 at 9:26 a.m. on the BSE, indicating a gain of Rs 128.90, or 2.81%.
In January 2024, the company’s overall sales increased by 21.6% to 433,598 units from 356,690 units sold the previous year. Sales within the country increased by 18% to 420,934 units, while exports had an astounding 74.6% increase to 12,664 units.
The stock closed 0.7% lower even though it had reached a 52-week high of Rs 4,718.15 during the previous trading session. This decrease occurred because the government decided to lower the funding allotted for the Faster Adoption & (Hybrid and) Electric Vehicle Manufacturing) program by approximately 44% to Rs 2,671 crore for FY25. According to a revised estimate, The government allotted around Rs 4,807 crore for FAME programs in FY24.
Sharekhan kept its ‘buy’ rating on the stock in its report dated January 29. In its report dated January 24, Prabhudas Lilladher maintained an “accumulate” rating for the company, aiming for a price of Rs 4,800.
Hero MotoCorp debuted the Mavrick 440 motorcycle in January 2024 at its Global Center of Innovation and Technology (CIT) in Jaipur. The bike will go on sale in February, and deliveries will start in April.