Hero MotoCorp shares settled 5.77 percent high, quoting at Rs 2,835 on Monday's closing. Earlier, the two-wheeler major's shares rallied over 6 percent on Monday after Hero MotoCorp reported better than expected May sales data.
Meanwhile, the hope of rate cut ahead of the Reserve Bank's bi-monthly monetary policy review meeting also contributed to improved sentiments.
India's largest two-wheeler maker sold over 6.52 lakh units in May, showing a 13.5 percent jump over April's 5,74,366 units.
It is for the first time since February that the two-wheeler major has surpassed the 6 lakh unit monthly sales mark, Hero MotoCorp said in a regulatory filing.
Hero MotoCorp in April launched three new motorcycles – Xpulse 200, XPulse 200T and Xtreme 200S.
"Apart from the three premium motorcycles, the company also launched two new scooters, the Maestro Edge 125 and the Pleasure+ 110, India's first scooter with fuel injection technology," it said in the regulatory filing.
At 9.23 am, Shares of Hero MotoCorp quoted at Rs 2,745.10, trading 2.42 percent up.
At 10.51 am, shares quoted at Rs 2,802.20, up by 4.55 percent on NSE. The Nifty50 traded nearly 59 points up at 11,981.65.
On Friday, Hero MotoCorp shares had ended lower 1.3 percent at Rs 2,680.25.
Meanwhile, Nifty Auto traded under pressure amid continued sluggishness in the sector with 11 stocks declining against four advancing stocks.
While Hero MotoCorp, MRF, Bajaj Auto and Bosch traded positive, Motherson Sumi, Bharat Forge, Eicher Motors, Apollo Tyres and Tata Motors were among top drags on the auto index.
Meanwhile, Indian equities ended at record closing high with the Sensex ending above 40,000 for the first time ever, adding over 553 points up, settling at 40,267.62.
The Nifty50 also closed above 12,000 for the first time ever, settling 170 points up, at 12,092.80.
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First Published: Jun 3, 2019 9:34 AM IST
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