Hero MotoCorp shares gain on better sales data, board picks Niranjan Gupta as CEO

The company sold 53,28,546 units in FY23, registering a healthy growth of 8% over the corresponding period of the previous fiscal.

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Shares of Hero MotoCorp zoomed in the opening trade on April 3 after the company recorded better sales number for March.

Hero MotoCorp sold 519,342 units in March 2023, translating to a double-digit growth of 15 percent over the corresponding month last year, when it had sold 450,154 two-wheelers, the company said in its release.

In the domestic market, the company sold 5,02,730 units, a growth of 21 percent, while exports fell 51.69 percent to 16,612 units.

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Hero MotoCorp consolidated its leadership position by surpassing 5.3 million unit sales in fiscal 2023.

It sold 53,28,546 units in FY23, registering a healthy growth of 8 percent over last year, when it sold 49,44,150 units.

The company’s board appointed Niranjan Gupta as the chief executive officer (CEO) of the company effective from May 1, elevating him from his current position of chief financial officer (CFO) and head of strategy and M&A.

Dr Pawan Munjal will continue as executive chairman and whole-time director on the board.

At 9:21am, Hero MotoCorp traded at Rs 2,388.70, up Rs 41.55, or 1.77 percent, on the BSE. The share touched a 52-week high of Rs 2,939.35 and a 52-week low of Rs 2,151.60 on August 18, 2022 and April 1, 2022, respectively.

It is trading 18.73 percent below its 52-week high and 11.02 percent above its 52-week low.