Intraday Spotlight: Hero MotoCorp on an upward ride; gains 3 per cent; heres why!
The largest two-wheeler manufacturer is all set to rebound.
Hero Moto Ltd, the largest motorcycle maker by volume in the world, has jumped over 3 per cent today from its previous close of Rs 2,670.85 as the company raised ex-showroom prices of its vehicles by R 3000. From July 1, 2022, the price hike will be effective and the exact quantum of increase will be subject to the specific model and market. The price revision is the company’s move to partially offset the steadily growing overall cost inflation, including commodity prices. This may not be the best news for consumers, but yes, investors are happy!
The stock opened at Rs 2,710 and has made its day high of Rs 2,767.50 (+3.6 per cent). As of 12:15 pm today, the stock was trading near Rs 2,728 on the BSE.
Recently, the company announced the launch of three products in Turkey as part of its strategy to strengthen its global presence. The stock had given an upside of 2 per cent. As a result, in the last five days, the stock has generated a healthy return of 11.2 per cent.
Hero MotoCorp along with other two-wheeler players has been facing semi-conductor issues. Slowly and steadily, the company is trying to mitigate the concern by the price hike. The company has a presence in over 43 countries and has 8 state-of-the-art manufacturing facilities.
The stock has a 52-week high and low of Rs 2,980 and Rs 2,148, respectively.