Shares of Hero MotoCorp Ltd. jumped to a life high on Friday after its total sales rose 22% year-on-year to 4.34 lakh units in January, as dispatches in domestic market remained strong amid a gradual demand recovery.
Sales Snapshots (YoY)
Domestic sales rose 20.5% to 4.21 lakh units.
Motorcycle sales grew 20.5% to 4.02 lakh units.
Scooter sales up 37% to 31,542 units.
Exports surged 75% to 12,664 units.
Shares of the company rose as much as 2.90% before paring some gains to trade 2.35% higher at 9:51 a.m., compared to a 1.11% advance in the NSE Nifty 50.
The stock has risen 76.87% in the last 12 months. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 81.69, indicating that the stock may be overbought.
Of the 45 analysts tracking the company, 28 maintain a 'buy' rating, nine recommend a 'hold,' and eight suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 15.2%.
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