Hero MotoCorp advances on better-than-expected Q3 results
Shares of Hero MotoCorp rose as much as 2.73 per cent in early trade on Thursday after the auto major reported better-than-expected earnings for the quarter ended December 31, 2016.
On Wednesday, the company posted a 2.6 per cent year-on-year drop in standalone net profit at Rs 772.05 crore for the October-December quarter, mainly on account of a hit from demonetisation.
Analysts in an ETNow poll had estimated net profit for the quarter at Rs 695 crore. The company had posted a net profit of Rs 793.23 crore for the corresponding quarter last year.
Shares of the company opened at Rs 3,273 and touched a high and low of Rs 3,312 and Rs 3,261, respectively, in morning trade. The scrip was trading 1.32 per cent higher at Rs 3,266.25 around 9.30 am (IST).
The benchmark BSE Sensex was trading 171 points, or 0.61 per cent, higher at 28,461. Total income of Hero MotoCorp declined 11.64 per cent to Rs 6,898 crore in three months ended December 31, 2016 from Rs 7,807 crore reported for the corresponding period of last financial year.
On BSE, 7,714 shares got traded on the counter in the first hours of trade against an average daily volume of past two weeks at 37,000 shares.
On Wednesday, the company posted a 2.6 per cent year-on-year drop in standalone net profit at Rs 772.05 crore for the October-December quarter, mainly on account of a hit from demonetisation.
Analysts in an ETNow poll had estimated net profit for the quarter at Rs 695 crore. The company had posted a net profit of Rs 793.23 crore for the corresponding quarter last year.
Shares of the company opened at Rs 3,273 and touched a high and low of Rs 3,312 and Rs 3,261, respectively, in morning trade. The scrip was trading 1.32 per cent higher at Rs 3,266.25 around 9.30 am (IST).
The benchmark BSE Sensex was trading 171 points, or 0.61 per cent, higher at 28,461. Total income of Hero MotoCorp declined 11.64 per cent to Rs 6,898 crore in three months ended December 31, 2016 from Rs 7,807 crore reported for the corresponding period of last financial year.
On BSE, 7,714 shares got traded on the counter in the first hours of trade against an average daily volume of past two weeks at 37,000 shares.
