Hero MotoCorp shares gain over 3 per cent post smart earnings

Stocks of Hero MotoCorp on Friday rose by over 3 per cent after it reported 58.62 per cent increase in its net profit for the second quarter ended September 30.

Shares of the country's largest two-wheeler maker went up by 3.05 per cent to Rs 2,877.10 on the Bombay Stock Exchange (BSE). In intra-day, it gained 4.19 per cent to Rs 2,909.

At the NSE, the scrip rose by 2.30 per cent to end at Rs 2,863.45.

"Hero Motocorp's Q2 FY15 results were ahead of our estimates mainly due to higher other income even as the operating performance was in-line," said Bharat Gianani, Research Analyst, Automobile, Angel Broking.

Hero MotoCorp on Thursday reported 58.62 per cent increase in its net profit at Rs 763 crore for the second quarter ended September 30 riding high on robust sales.

The company had posted a net profit of Rs 481 crore during the same period of previous fiscal.

Turnover of the company rose 20.76 per cent to Rs 6,915 crore for the second quarter, as against Rs 5,726 crore during the same period of previous financial year.

In terms of volumes, the company's total sales during the quarter stood at 16,92,593 units, up 19.5 per cent from 141627 units sold in the same period of previous fiscal.