The two-wheeler company said it would raise the ex-showroom prices of its motorcycles and scooters with effect from July 1, and the shares of Hero MotoCorp went up over 3 per cent today.
The stock of Hero MotoCorp rose by 3.62 per cent to Rs 2,767. The previous close of Rs 2,670 was 5 against it. There is 85 on the BSE. Hero MotoCorp's stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In a year, Hero MotoCorp's shares fell 5.51 per cent, but gained 11.53 per cent in 2022.
The firm's market cap rose to 54,742 crore on the BSE. The total of 0.24 lakh shares changed hands, amounting to a turnover of 6.42 crore on the BSE.
On July 7, 2021, the stock hit a 52 week high of Rs 2,980 and a 52 week low of Rs 2,148 on March 8, 2022.
The price revision will be up to 3,000. The exact quantum of increase will be determined by the specific model and market. The price revision was necessary to partially offset the growing cost inflation, including commodity prices, according to Hero MotoCorp.
Competitor Bajaj Auto hiked prices in May, citing higher input costs across all models.
In the fourth quarter, Hero MotoCorp reported a 27.5 per cent decline in net profit at Rs 627.05 crore for the fourth quarter ended March 31, 2022, due to weak volumes. The company had a net profit of Rs 864.97 crore in the last financial year. Revenues from operations fell 14.6% to Rs 7421.73 crore in Q 4 from Rs 8685.97 crore earlier in the day.
Total expenses for the last quarter was Rs 6759.28 crore, a drop of 11.6 per cent over 7,644. In Q 4 of FY 21 there were 23 crore registered. EBITDA earnings were 11.2 per cent ahead of interest, tax, depreciation and amortisation margin for the quarter.