Markets cautious ahead of election results; Hero MotoCorp declares 2,750% interim dividend

S V Krishnamachari
hero motocorp interim dividend, sensex, market turn cautious ahead of election results, rupee gains, sensex losers, hero motocorp share price

Hero MotoCorp rewarded shareholders with a bonanza: 2,750 percent interim dividend or Rs 55 per share. However, the news did not have any impact on the share price of the two-wheeler maker. The share, which has a face value of Rs 2, actually closed in the red at Rs 3,299, down 0.65 percent.

The company has fixed March 8 as the record date for determining entitlement of members for the purpose of paying the bonanza.

More from IBTimes India: India to remain world's fastest-growing economy, reveals Fitch Ratings's Global Economic Outlook

Hero MotoCorp sold 5.24 lakh units in February, down 4.75 percent in comparison to 5.50 lakh two-wheelers sold in February 2016.

The BSE Sensex closed 49 points lower at 28,999 on Tuesday while the NSE Nifty closed 16 points lower at 8,947. Investors are apparently cautious ahead of the outcome of the Assembly polls, particularly in Uttar Pradesh.

More from IBTimes India: PM Modi's visit to Israel ignores Palestine: Is that pragmatic policy, or geopolitical misstep?

"The markets are keenly awaiting the outcome of the exit poll announcements that are expected in the next few days and the street has already factored in a BJP win in the key state of Uttar Pradesh," Mayuresh Joshi, fund manager at Angel Broking, said in a note.

"Any disappointment however on this front can cause significant volatility and disruption in the positive momentum that has been created and can have a short term negative impact in the way the markets react," he added.

Top Sensex losers included Tata Steel, Lupin, Infosys and Axis Bank. Adani Power closed 4.8 percent higher at Rs 40.

The rupee gained 4 paise to end at 66.67 to the US dollar. Gold and silver prices also fell on Tuesday, with the yellow metal losing Rs 200 to close at Rs 29,550 per 10 gm while silver ended Rs 300 lower at Rs 42,500 per kg.

Related Articles