Hero Motocorp stock price: Hero MotoCorp climbs 4% as two-wheeler maker announces price hikes

NEW DELHI: Shares of rose 4% in Friday trading after the two-wheeler maker said it would raise prices for motorcycles and scooters by up to 3,000 rupees from July 1 to compensate partly the ever-increasing global cost inflation, including raw material prices.

The certificate rose 3.62% to reach a high of Rs 2,767.50 on BSE as the automaker’s market value passed the Rs 55,000 crore mark. The certificate has an average price target of Rs 2,933, suggesting upside potential of 6.5% from current levels.

In a filing to ESB on Thursday, the two-wheeler said the price revision would be up to Rs 3,000 per vehicle.

“The exact amount of the increase will be subject to the specific model and market,” he said, adding that the pricing revision was necessary to partially offset ever-increasing overall cost inflation, including prices. raw material.

Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters. It sold 486,704 units as of May 2022.

Sequentially, this translates to a growth of 16% compared to April 2022, when the Company sold 418,622 units. Hero MotoCorp had sold 183,044 units in the corresponding month of 2021 when sales were affected due to the resurgence of Covid-19 cases and subsequent lockdowns.

Hero MotoCorp sells a range of models, ranging from entry-level HF100 with prices starting at Rs 51,450, while Xpulse 200 4V tagged at Rs 1.32 lakh (ex-showroom Delhi).

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