Rebutting the inflated figures reported on the Tiger Woods endorsement deal, Hero MotoCorp today clarified that the amount quoted by media was way beyond their actual deal.
Rebutting the inflated figures reported on the Tiger Woods endorsement deal, Hero MotoCorp today clarified that the amount quoted by media was way beyond their actual deal.
Soon after the endorsement deal was announced by Hero MotoCorp Vice Chairman and Managing Director Pawan Munjal on Monday, media outlets and market analysts had pegged the deal to be in the bracket of Rs 200-250 crore.
However, Munjal today sought to clear the air about the four-year deal with the American golf legend, who is a winner of 14 Major titles.
"Those are not correct figures. Absolutely speculative numbers. And they are also way beyond our signing amount," Munjal told PTI.
"Unfortunately I cannot declare the amount of the deal but figures reported are beyond the actual signing amount," the veteran industrialist said.
Asked if he thinks, media was obsessed with figures, Munjal was cautious in his reply. "Not just media but anyone would like to know what the company has signed. I am glad in a way that these very high numbers are floating around. It clearly shows the worth of the celebrity. In one way, my stand is vindicated that I have done the right thing. While the numbers are not correct but that's the worth of the celebrity," he said.
"Media should be more pragmatic," he added.
While Munjal did not disclose the signing amount, an official, who did not wish to be named said that the deal was close to Rs 120 crore for four years. "It's actually close to 5 million USD a year. So it comes in the bracket of Rs 115-120 crore," the official, who is privy to the deal details, claimed.
There was also speculation that legendary footballers Cristiano Ronaldo and James Rodriguez are likely to be roped in by Hero MotoCorp, keeping an eye on the European market.
However, Munjal said they have no such plans as yet. "If you remember when I met you on Monday, I had said that this is not the first and last endorsement. Hero will be working in future with more celebrities whether from the sporting field or from the entertainment world. But there is nothing on the anvil right now. We are not talking to anyone today," Munjal said.
Hero Motocorp stock price
On December 05, 2014, Hero Motocorp closed at Rs 3185.60, down Rs 31.4, or 0.98 percent. The 52-week high of the share was Rs 3271.80 and the 52-week low was Rs 1907.00.
The company's trailing 12-month (TTM) EPS was at Rs 120.45 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 26.45. The latest book value of the company is Rs 280.43 per share. At current value, the price-to-book value of the company is 11.36.
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