Hero motocorp best performing auto stock, up 10% so far in august

Hero MotoCorp best performing auto stock, up 10% so far in August

Hero MotoCorp (HMC) hit a new high of Rs 4,044, up 2% on BSE in intra-day trade, extending its past two weeks gain, after the company reported a strong 17% growth in total two-wheeler sales of 623,269 units in July. The world’s largest two-wheeler manufacture had sold 532,113 units in the corresponding month of the previous fiscal (July 2016).

Hero MotoCorp is the best performing stock among automobiles, up 10% thus far in the month of August. On comparison, the S&P BSE Sensex and S&P BSE Auto index were down 2.7% and 2.3%, respectively. Eicher Motors and Bajaj Auto up 2%, while TVS Motor gained marginally by 0.1% during the period.

Despite sluggish sales for the first few days of the month due the transition to Goods & Service Tax (GST), Hero MotoCorp recorded six-lakh plus sales for the month of July. This is the third consecutive month of six-lakh plus sales for the company in this fiscal, having clocked 624,185 units in June and 633,884 units in May. The company said it is confident of carrying forward this growth momentum into the upcoming festive season.

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ARTICLE SOURCE – BUSINESS STANDARD