Hero MotoCorp, Bajaj Auto dip on weak September sales

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Hero MotoCorp, Bajaj Auto dip on weak September sales

This article was posted on Oct 3, 2012 and is filed under Market News

Hero MotoCorp and Bajaj Auto are trading lower by almost 2% each after reporting more than 10% year-on-year (y-o-y) drop in sales for the month of September.

Hero MotoCorp, the country’s largest two-wheeler maker, recorded 26.35% drop in sales at 404,787 units in September on y-o-y basis. The company had sold 549,625 units in September 2011, Hero MotoCorp said in a statement. Bajaj Auto too, reported a 14% decline in overall sales last month compared to the corresponding period last year. In the sales statement, the company said it has sold 360,152 units in September against 417,686 units during the same month of previous year.

“Despite sluggish market conditions, this is the second highest sales in any September,” said a Bajaj Auto statement, adding that sales decline was largely because the festive season this year was a month later than last year.
Hero MotoCorp is down by 1.9% at Rs 1,845 on the National Stock Exchange. The stock opened at Rs 1,848 and hit a high of Rs 1,848 in morning trades. On the other hand, Bajaj Auto is trading lower by 1.6% at Rs 1,781 and has seen a combined around 26,000 shares changing hands on the counter on both the exchanges.

Source: Business Standard

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