Hero Motocorp shares gain after it logs ‘highest-ever’ sales in October

• The shares of India’s largest two-wheeler manufacturer, Hero MotoCorp, gained 2% after it clocked its highest-ever monthly sales in October.
• Hero MotoCorp sold 8.06 lakh units last month, a jump of 35% compared to the same period last year.
• The company said it has also increased inventory at dealerships expecting good retail sales during the Diwali festival.

The shares of India’s largest two-wheeler manufacturer, Hero MotoCorp, gained 2% during the early trading hours on Monday, despite volatility in the market. The rally was led by its highest-ever monthly sales in October.

Hero MotoCorp sold 8.06 lakh units last month, a jump of 35% compared to the same period last year. It sold nearly 5.99 lakh units in October last year. The company exported 28.14% more two-wheelers to 15,711 units during the month.

“A positive turnaround in customer sentiments, particularly for motorcycles across markets, continued government policy support and a credible resumption of the supply chain, logistics and business operations have enabled the company to achieve record numbers during the auspicious festive period,” the company said in a statement.

It also registered significant gains in market share in the second quarter (July-September) across product categories and geographies and expected to further build on this momentum going ahead, it added.

High hopes from the festive season

With the arrival of the festive season, Hero Motocorp is betting on a sharp rise in sales figures. The company said it has also increased inventory at dealerships expecting good retail sales during the Diwali festival.

Hero’s Chief Financial Officer, Niranjan Gupta, earlier in the financial earnings report, said, “Based on early estimates, we expect the momentum to continue into the festive season which has started well for us. To further drive the festive cheer, we have launched four new variants across motorcycle and scooter segments.”

To further drive the festive cheer, the company has launched four new variants across motorcycle and scooter segments.

SEE ALSO: Where Biden and Trump stand in the polls 2 days out from the election

Futuristic architecture, entertainment hubs and kinetic solar panels: This is what spaceports could look like if commercial space flights become a reality