Hero MotoCorp share falls in early trading ahead of Q1 earnings results
The motorcycle maker is trading down 0.60 per cent to Rs 3,038.85 on Thursday morning.
Ahead of its first-quarter earnings results on Thursday, the share of Hero Moto Corp is trading down 0.60 per cent to Rs 3,038.85 in early trading hours.
The share, however, has been on a rise in the last five trading sessions with a jump of 2.83 per cent compared to the Nifty 50's rise of 0.50 per cent in the same period.
The share is down amid a Reuters repot on Wednesday that the company was facing tax probe over its links to a vendor.
The report claimed that tax authorities are investigating the bikemaker's relationship with a vendor suspected of reporting about $900 million rupees ($11 million).
Zee Business research estimated the manufacturer of motorcycles and scooters to report a standalone net profit of Rs 855 crore for the March-June quarter, a 36.8 per cent rise as against the corresponding period a year ago.
The analysts estimate the company's revenue for Q1 FY24 to rise to Rs 8,930 crore compared to Rs 8,393 crore in the corresponding period a year ago.
The New Delhi-based auto major's popular models include Splendor Plus, HF Deluxe, Passion Plus, and Pleasure Plus.
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