Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
BUSINESSLatest News

Hero MotoCorp to Start Manufacturing Operations from Wed

India's largest motorcycles and scooters company, Hero MotoCorp, recorded a 71 per cent rise in standalone net profit to Rs 625 crore in Q1FY23.

Hero MotorCorp, India’s largest two-wheeler manufacturer, reopened its plants based in Haryana and Uttarakhand on Monday and will start production operations from Wednesday.
The Union government has allowed gradual resumption of economic activity in areas that have been identified as green and orange zones.
“…Hero MotoCorp is commencing operations in a graded manner at three of its manufacturing plants — Gurugram and Dharuhera (both in Haryana), Haridwar (Uttarakhand) and additionally the Global Parts Center (GPC) at Neemrana in Rajasthan. These manufacturing plants reopen from today and production at these facilities will commence from Wednesday,” the company said in a statement.
The country’s second largest passenger vehicle manufacturer Hyundai Motor India Ltd on Sunday announced its decision to open its Tamil Nadu- based plants. In the last week of April, MG Motor India Ltd also started manufacturing vehicles at its Gujarat-based factory.
Vehicle manufacturers had to close their factories from 22 March, following the lockdown announced by the union and state governments to contain the spread of the covid-19 pandemic. Most companies are working with their suppliers to create standard operating procedures (SOP) that need to be followed once manufacturing starts. According to Pawan Munjal, chairman, Hero MotoCorp, health, safety and overall well-being of employees was the company’s top priority. From the onset of covid-19, the company has been proactive in framing a business continuity plan and this has helped during the much-needed nationwide lockdown.
Read EquityPandit’s Nifty Outlook for the Week

Get Daily Prediction & Stocks Tips On Your Mobile