Hero MotoCorp Shares Surge Ahead Of Q4 Earnings Announcement

Shares of the world's largest two-wheeler maker - Hero MotoCorp - rose as much as 4.77 per cent to hit an intraday high of Rs 2,920 on the BSE ahead of its March quarter earnings due later in the day. Trading volumes in Hero MotoCorp shares was higher than usual as 50,000 shares changed hands on the BSE compared with an average of 35,000 shares traded daily in the past two weeks, data from the BSE showed.

As of yesterday's closing price, Hero MotoCorp shares have so far this year corrected 10 per cent from Rs 3,109.35 on December 31, 2020. On an annual basis Hero MotoCorp shares are up 42 per cent from Rs 1,965.60 on May 5, 2020.

Last month, Hero MotoCorp decided to temporarily halt operations at its manufacturing facilities across the country due to escalating Covid cases.

In the previous quarter, Hero MotoCorp posted 23 per cent increase in its profit after tax at Rs 1,029 crore for the third quarter ended December 31, 2020, as compared to Rs 880 crore in the same period of previous fiscal.

Its revenue from operations rose to Rs 9,776 crore, marking a growth of nearly 40 per cent year-on-year from Rs 6,997 crore in Q3 FY20.

As of 1:12 pm, Hero MotoCorp shares traded 3.82 per cent higher at Rs 2,893, outperforming the Sensex which was up 0.46 per cent.