Shares of Hero MotoCorp (HMCL) has moved higher to its 52-week high of Rs 2,834, up 6% on the National Stock Exchange (NSE) after the company clocked a double digit growth in two-wheeler sales in the month of February 2016.
Bucking the sluggish industry trend, HMCL sold 550,992 units of two-wheeler in February 2016, as compared to 484,769 units in the corresponding month last year, reflecting a robust double digit growth of 13.6%.
"These numbers have been possible in spite of the production at Hero’s manufacturing facilities at Gurgaon and Dharuhera in Haryana and at Neemrana in Rajasthan being impacted for a few days, due to the local agitations in the region during the month,” the world’s largest two-wheeler manufacturer, said in a statement.
In February, the new scooter Duet – developed by Hero’s in-house R&D team - was also rolled out in East Zone. It had earlier been launched across markets in the West and South Zones and has received a positive response from customers.
The other scooter to have been developed in-house – Maestro Edge - has also consolidated market share and - together with Duet - contributed towards increased market share for Hero in the scooter segment, it added.
At 09:45 AM, the stock was trading at Rs 2,823 on the NSE as compared to 1.3% gain in the S&P BSE Sensex. A combined 286,978 shares changed hands on the counter on the NSE and BSE.