Hero Motocorp plans record launches, Jindal Steel and Power slips over 5%

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Check out the open interest of the companies from the F&O corner that are making headlines  ⤵️

Options setup (Expiry: 18 May)

⭐Hero MotoCorp plans record launches
₹2,722 ▲36 (+1.3%)

Shares of Hero MotoCorp rose over 1% on Wednesday, while the open interest of its May futures contract jumped 7%, indicating a long build-up. This comes after the company's CEO said that it plans to launch a record number of premium bikes in the current fiscal year. The launch also includes the first product from the Hero MotoCorp-Harley Davidson tie-up.

⭐Jindal Steel slips over 5%
₹531 ▼28 (-5.1%)

Jindal Steel and Power shares plunged over 5% on Wednesday as the steel maker's net profit slumped 69% YoY to ₹466 crore. The sharp drop in the profit was due to lower steel prices and higher raw material (iron ore) costs. Against this backdrop, the open interest of its May futures contract rose 15%, indicating a short build-up.

⭐LIC Housing Finance slips on muted Q4
₹370 ▼23 (-6.7%)

Shares of LIC Housing Finance tumbled over 6% after the company reported muted March quarter results. The company's net profit rose 5.5% YoY to ₹1,180 crore due to lower loan disbursements. Meanwhile, the open interest of its May futures contract jumped more than 16%, indicating a short build-up.

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