Heard on the Street: Hero MotoCorp up on hopes of robust growth

Shares of Hero MotoCorp rose to a new high on hopes of better prospects triggered by a robust growth in vehicle sales last month. The stock touched an intra-day high of Rs 2,231.7, before ending with a gain of 2% at Rs 2,215 on the BSE.

The country’s largest two-wheeler manufacturer recorded a 19% growth in motorcycle sales in August on a YoY basis, which was achieved despite general concerns that auto sales across segments will hit by rising interest rates.

While Hero MotoCorp has sold 25 lakh units between April and August this year, analysts hope the company will achieve the initial target of 60 lakh vehicles by end of the current fiscal.

(Contributed by Vijay Gurav )