Hero MotoCorp share price rises nearly 6% on strong May sales

Hero MotoCorp share price rose in trade today after the firm reported a 13.5 per cent rise in sales to over 6.5 lakh units in May over the previous month.

The company sold about 5.7 lakh units in April 2019. Hero MotoCorp share price rose 5.90% to 2,839.50 compared to the previous close of 2681.40 on BSE. The stock opened at 2,694 level and continued to see a consistent rise through the trade. Hero MotoCorp share price has gained after five days of consecutive fall.

However, the share has lost 22 percent during the last one year and 9.02% since the beginning of this year.

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24 of 43 brokerages rate the stock "buy" or 'outperform', 10 "hold" and five "underperform" and four "sell", according to analysts' recommendations tracked by Reuters. Hero MotoCorp share price was trading above its 50-day and 200 day moving average of 2632 and 2798 levels, respectively.

"Hero MotoCorp reported sales of 652,028 units of motorcycles and scooters in the month of May 2019. The company recorded a sequential increase in sales compared to the previous month (April 2019) when it sold 574,366 units of two-wheelers," the auto firm said.

The company had surpassed the six-lakh units mark in monthly sales for the first time since February 2019, when it had sold 617,215 units of motorcycles and scooters.

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Last month, Hero MotoCorp launched three new motorcycles -XPulse 200, XPulse 200T and Xtreme 200S. Apart from these, it had also launched two scooters-Maestro Edge 125 and Pleasure+ 110.

"The bookings for most of these new products have already commenced at Hero MotoCorp dealerships across the country," the statement said.

Edited by Aseem Thapliyal