Hero MotoCorp shares jumped back in the green on Tuesday, after closing in the red on Monday as its June sales numbers disappointed investors.
What Happened: The uptrend in the stock comes as the automobile giant announced the launch of the co-developed premium motorcycle – the Harley-Davidson X440 in India. The bike is the first premium
motorcycle to be introduced under the licensing agreement between Harley Davidson and Hero.
The bike will be manufactured at the company's Garden Factory at Neemrana, in the northern Indian state of Rajasthan. The motorcycle will be available in three variants – Denim, Vivid and S at Harley-Davidson dealer network across the country at an attractive price point of ₹2,29,000/- (Denim), ₹2,49,000/- (Vivid) and ₹2,69,000 (S) respectively.
As for the company’s sales in June, the two-wheeler major witnessed a close to 10% year-over-year slump in total sales at 4.36 lakh. Both domestic and export businesses saw a sales dip. Domestic sales for the month stood at 4.22 lakh as compared to the 4.63 lakh units sold in June 2022. Exports were at 14,236 as against 21,657 in the same period last year.
Price Action: Hero share price was up 2.66% to trade at ₹2,975.85 in the early hours of trading on Tuesday.
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