Shares of two-wheeler maker Hero MotoCorp fell over 3% on Wednesday, with the stock trading Rs 5,042 at 12:15 p.m. The stock opened on a promising note and touched 3.37% intraday high at Rs 5,281 within 15 minutes.
However, it tumbled later in the day at around 11 a.m. with the stock trading at Rs 4,950 which was 3.11% decline intraday. This compares to a 0.12% rise in the NSE Nifty 50 Index
This comes a day after Hero MotoCorp Ltd. reported a 30% rise in the fourth quarter ended March 31, riding on robust sales volumes.
The company, which had posted a consolidated net profit of Rs 1,168.75 crore in the corresponding period of the preceding fiscal, said its board has approved the re-appointment of Pawan Munjal as executive chairman for another term of five years with effect from October 1, 2026, subject to approval of shareholders at the ensuing 43rd AGM.
Brokerages remained positive on Hero MotoCorp Ltd. after its March-quarter results, with JPMorgan, Citi and Morgan Stanley all maintaining bullish ratings and lifting or reiterating higher target prices, citing resilient demand, pricing gains and cost controls.
Hero MotoCorp expanded its global footprint to 52 countries with new market entries in Europe and the UK, it said, adding that the Harley-Davidson business also delivered 26% growth in dispatch volume.
ALSO READ: Hero MotoCorp Q4 Results: Profit Up 30%, Bumper Dividend Declared, Check Record Date
Hero MotoCorp Share Price Today
Hero MotoCorp Share Price Today
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The stock has risen 30.95% in the last 12 months but has fallen 12.09% year-to-date. Total traded volume so far in the day stood at 0.58 times its 30-day average. The relative strength index was at 41.94.
Out of 43 analysts tracking the company, 29 maintain a 'buy' rating, eight maintain a "hold", and six maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 5887.15 implies an upside of 15.9%
ALSO READ: Hero MotoCorp Target Price Hiked After Q4 Results; JP Morgan, Citi, MS Retain Bullish Stance
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