Hero MotoCorp shares rallied over 2 per cent in the morning trade after the company announced a substantial rise in net profit for the quarter ended June 30, 2015.
At 3.28 pm, the share price of the company was trading 2.96 per cent lower at Rs 2,618. Earlier, it opened at Rs 2,785 and has touched an intra-day high and low of Rs 2,800 and Rs 2,613, respectively, in trade so far.
Bain Capital raised $400 million by selling a nearly 4 per cent stake in India’s biggest maker of motorcycle and scooters, Reuters reported in November.
At 10.11 am, the share price of the company was trading 2.12 per cent higher at Rs 2,755. The stock rallied in the morning after the company reported a substantial rise in net profit for the quarter ended June 30, 2015. The company reported a 33.33 per cent rise in net profit at Rs 750.34 crore, against Rs 562.76 crore in the corresponding quarter a year ago.
During the quarter, revenue of the two-wheeler manufacturer declined marginally by 1.16 per cent on year-on-year basis to Rs 6,955.26 crore. It was at Rs 7,036.84 crore in the corresponding quarter a year ago.
The company’s operating profit margin expanded to 16.53 per cent during the quarter gone by from 15.06 per cent a year earlier.
Meanwhile, the BSE Sensex was trading 99.24 points down at 28,087.82 during the same time.
Last week, the company reported 7.97 per cent decline in sales at 4,87,580 units in July against 5,29,862 units in the same months last year.
(With inputs from Reuters)