Hero MotoCorp Ltd., the world's largest manufacturer of motorcycles and scooters, sold 356,690 units in January 2023.
The company expects the demand to build-up in the festive and marriage season in the latter part of the month, post the commencement of the auspicious period.
Commenting on the Budget 2023 tabled in Parliament on Wednesday, Dr. Pawan Munjal, Chairman & CEO, Hero MotoCorp, said, "The budget does a very good job of balancing fiscal prudence with inclusive growth. Focus on the continued enhancement of capital expenditure, and investments in long-term priorities, coupled with increasing disposable income in the hands of consumers through direct tax proposals ensure a boost to consumption concurrent to investment-led growth.
The stability of the policies, direction, and vision, as displayed through the budget today, will help the country continue to be a preferred investment destination. Overall, as India continues on its economic growth trajectory, the budget will further accelerate its momentum.
We believe that the budget proposals particularly around capital expenditure, agri-credit, infra-development credit, and lower tax slabs will result in higher disposable income in the hands of consumers and help the growth of the auto sector. Our suggestion is to consider a reduction of GST from 28% to 18% on two-wheelers in the next council meeting. This will go a long way in boosting the much-needed growth of this sector in particular and the overall economy in general, given the multiplier nature of this sector." he added.
Redefining the scooter category and charting the next phase of its tech-enabled journey in the scooter segment, Hero MotoCorp, launched the new scooter - Xoom. The Hero Xoom embodies a fresh new take in the 110cc category. With an industry-first feature - the Hero Intelligent Cornering Light (HiCL), and segment-first features - bigger and wider tyres and zippy acceleration in the 110cc segment, it guarantees an unparalleled mobility experience to the owners.
Hero Xoom scooter is available at Hero MotoCorp dealerships across the country at an Introductory Price of INR 68,599 (LX -Sheet Drum), INR 71,799 (VX - Cast Drum) and INR 76,699 (ZX - Cast Drum) *(Ex-Showroom, Delhi).
Earlier this month, Hero MotoSports Team Rally concluded its Dakar 2023 campaign with a stellar result as three of its team riders crossing the final finish line in Dammam. With a top10 overall finish, two stage wins, and a stage podium, this is the Team's best-ever performance at the Dakar.
The company held its first-ever 'Hero Ride Fest' in Pune, which included an off-road riding zone on the highly popular XPulse 2004V, drag racing on the city explorer - Xtreme160R, and a closed-circuit track for the Xtreme motorcycle.
As part of the company's Corporate Social Responsibility (CSR) platform "Hero WeCare", Hero MotoCorp partnered with the Health and Family Welfare Department of the Government of Assam to help upgrade its healthcare infrastructure. Moreover, Hero MotoCorp extended its Green Drive in the state of Haryana by commencing the planting of 50,000 saplings using the Miyawaki technique in Karnal, further demonstrating the company's commitment to environmental conservation.
Shares of Hero MotoCorp Limited was last trading in BSE at Rs. 2726.90 as compared to the previous close of Rs. 2763.90. The total number of shares traded during the day was 21294 in over 4124 trades.
The stock hit an intraday high of Rs. 2822.50 and intraday low of 2675.15. The net turnover during the day was Rs. 59265850.00.