Shares of the world's largest two-wheeler maker - Hero MotoCorp - rose as much as 3 per cent to hit an intraday high of Rs 2,994.55 on the BSE a day after the company said that it will increase prices of its motorcycles and scooters starting July. The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters with effect from July 1, 2021.
The price hike will be up to Rs 3,000 across the range of motorcycles and scooters and the exact quantum of the increase will depend on the basis of the model and the specific market.
Hero MotoCorp has undertaken the price hike to offset the impact of continuous increase in commodity prices.
The company continues to drive cost savings program aggressively, in order to minimize the impact on the customer, Hero MotoCorp said.
Hero MotoCorp shares were witnessing higher than usual trading volumes after the price hike decision as 46,000 shares changed hands on the BSE compared with an average of 43,000 shares traded daily in the past two weeks.
Hero MotoCorp shares have so far this year fallen 3 per cent underperforming the Sensex which has advanced over 10 per cent.
As of 10:42 am, Hero MotoCorp shares traded 2.7 per cent higher at Rs 2,984, outperforming the Sensex which was trading on a flat note.