Shares in HeroMoto Corp gained ground after the company reported a 7.55 per cent jump in sales volumes for the month of August 2020 in comparison to August 2019.
"Sprinting ahead with the fourth consecutive month of growth in volume sales, Hero MotoCorp, has continued to lead the revival of the automotive sector. Signaling a positive turn-around for the two-wheeler industry, which is a strong driver of the domestic economy, the Company sold 584,456 units of motorcycles and scooters in the month of August 2020, a growth of 7.55% over the corresponding month of the previous year (August 2019) when it sold 543,406 units," the company said in a filing to the stock exchanges.
"Sequentially, this translates into a growth of 13% over the month of July 2020, when the Company had sold 514,509 units. Hero MotoCorp's latest addition to its range of premium motorcycles - the Xtreme 160R - has received very positive feedback from the market and has led to an increase in the company's premium segment market share. The Company is also witnessing strong retail off-take and is currently operating in pullmarket with rural and semi-urban centers driving demand. With August marking another step forward in the market's recovery, the Company cautiously anticipates sales to continue their upward trajectory with favorable factors such as the upcoming festive season, increasing consumer confidence and continued government policy support.