Shares of Hero MotoCorp rose over 3 per cent today after the two-wheeler company said it would raise the ex-showroom prices of its motorcycles and scooters with effect from July 1.
Hero MotoCorp stock gained 3.62 per cent to Rs 2,767.5 against the previous close of Rs 2,670.85 on BSE. Hero MotoCorp stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Shares of Hero MotoCorp fell 5.51 per cent in a year but gained 11.53 per cent in 2022.
Market cap of the firm rose to Rs 54,742 crore on BSE. Total 0.24 lakh shares changed hands amounting to a turnover of Rs 6.42 crore on BSE.
The stock hit a 52-week high of Rs 2,980 on July 7, 2021 and a 52-week low of Rs 2,148 on March 8, 2022.
“The price revision will be up to Rs 3,000. The exact quantum of increase will be subject to the specific model and market. The price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices,” Hero MotoCorp said.
Competitor Bajaj Auto too hiked prices in May, citing higher input costs across all models.
Hero MotoCorp reported a 27.5 per cent fall in standalone net profit at Rs 627.05 crore for the fourth quarter ended March 31, 2022 on the back of weak volumes. The company had posted net profit of Rs 864.97 crore in the corresponding period of the previous financial year. Revenues from operations fell 14.6% to Rs 7421.73 crore in Q4 from Rs 8685.97 crore earlier.
Total expenses in the last quarter stood at Rs 6759.28 crore, a fall of 11.6 per cent over Rs 7,644.23 crore registered in Q4FY21. EBITDA (Earnings before interest, tax, depreciation and amortisation) margin for the quarter was 11.2 per cent.