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Shares of Hero MotorCorp gained as much as 3.5 per cent to Rs 2,995 to their highest since October 3 on positive outlook.
The company had on Tuesday reported an 8.6 per cent jump in Sept-quarter revenue to Rs 9,091 crore ($1.24 billion). Profit fell to Rs 976 crore from Rs 1,010 crore a year earlier, but still came in above analysts' expectation of Rs 938 crore, according to I/B/E/S data from Refinitiv.
Nomura has cut the price target to Rs 3,542 from Rs 3,937, and has maintained 'buy' rating. It says that good rural demand and margins will sustain at around current levels; the management still expects 8-10 per cent growth in the upcoming festive season because fundamentals for rural demand remain intact.
While the recent increases in insurance costs could weigh on buying sentiment, the management highlighted that the past few days have already seen an improvement, and its industry demand outlook is intact, according to Deutsche Bank.
Of 50 analysts, 32 rate the stock “buy” or higher, 13 have a “hold” rating while 5 rate it a “sell” or lower; their median price target is Rs 3,518, according to Refinitiv data.
More than 668,000 shares changed hands vs their 30-day moving average of 534,287. Up to its last close, the stock had fallen 23.5 per cent this year.
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