“This is to inform you that the Board of Directors of the Company in their meeting held on May 29, 2024, has considered and approved the Initial Public Offering (IPO) of the equity shares of face value of Rs 10 each comprising of a fresh issue of Equity Shares aggregating up to Rs 4,000 crore and an Offer for Sale of Equity Shares by certain existing and eligible shareholders of the Company,” the company said in an exchange filing.
Hero FinCorp is a non-banking financial company (NBFC) that offers products including personal, business, and home loans, as well as insurance.
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Shares of Hero MotoCorp rose nearly 1% to Rs 5,186.6 on Thursday’s trade on BSE. In the last six months, it has risen 35%, while benchmark Sensex rose only 18%.In Q4 FY24, the two-wheeler major reported a standalone net profit of Rs 1,016 crore, which was up by over 18% versus Rs 859 crore reported by the company in the year-ago period.Meanwhile, the standalone revenue from operations stood at Rs 9,519 crore for the reported quarter, 14.6% higher than Rs 8,306.78 crore reported in the corresponding period of the last financial year.The earnings before interest, tax, depreciation & amortization (EBITDA) for Q4FY24 stood at Rs 1,359 crore, registering a growth of 25% on a YoY basis. The profit before tax (PBT) stood at Rs 1,350 crore for the reported quarter.
The company sold 13.92 lakh units of motorcycles and scooters in Q4FY24 versus 12.70 lakh units in Q4FY23. For the full financial year, the number of units sold stood at 56.21 lakh versus 53.29 lakh units FY23.
In technical terms, the relative strength index (RSI) of the stock is currently at 65.8. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. Additionally, the MACD is at 147, which is above its center and signal line, this is a bullish indicator.
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