Buy Hero MotoCorp, target price Rs 3390: ICICI Securities

Buy Hero MotoCorp, target price Rs 3390:  ICICI Securities

ICICI Securities has buy call on Hero MotoCorp with a target price of Rs 3390. The current market price of Hero MotoCorp Ltd. is Rs 3164.

Hero MotoCorp Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 63189.49 Crore) operating in Auto sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 9473.32 Crore, up 219.07 % from last quarter Sales of Rs 2969.08 Crore and up 23.67 % from last year same quarter Sales of Rs 7660.27 Crore. Company reported net profit after tax of Rs 950.85 Crore in latest quarter.

Investment Rationale
The stock has retested past three months’ falling trend line breakout area coincided with 100 days’ SMA placed around 3,100 and MACD in buy mode

Promoter/FII Holdings
Promoters held 34.8 per cent stake in the company as of Sept 30, 2020, while FIIs held 33.3 per cent, DIIs 22.9 per cent and public and others 9.1 per cent.

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