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Thursday, March 25, 2010

Hero Honda at lifetime high on dividend hopes

Hero Honda Motors has inched up 5% in intraday deals to Rs 2,030 levels after the company announced that the board of directors will meet on March 30 to consider a special interim dividend.

The stock opened lower over its previous day’s close at Rs 1,931 but reversed course to touch an all-time high of Rs 2,040 on the BSE post announcement. Around 98,000 equity shares have changed hands in the counter so far.

The company has posted 67% jumped in net profit to Rs 311 crore during first nine months ended December, 2009 as compared to Rs 186 crore net profit reported in same period of previous year. The company had paid 185% (Rs 3.70 on Rs 2 paid-up) dividend during 2008-09.

The country's largest two-wheeler maker had reported a 16.13% increase in its sales at 3,82,096 units last month, the best-ever reported by the company for the month of February.

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