Hero Moto Corp shares continued a two-session gaining streak on Thursday as the company announced hiking prices for some of its vehicles on Wednesday.
What Happened: The two-wheeler major announced that from April 1, it will make an upward revision in the ex-showroom prices of select motorcycles and scooters from its portfolio. The company said the hike would be around 2% but the exact number will vary by specific models and markets.
See Also: Tata Motors Hikes Some Vehicle Prices And Investors Are Loving It
The company said that the major reason behind the decision was to account for cost increases stemming from the OBD II transition. The OBD is a device called On Board Diagnostic (OBD) 2 mandated by the government to be installed in every vehicle from April. The devices are used to monitor emission levels in real time.
The company said that rural growth has been seeing an upswing “thanks to government
schemes in the social sector and healthy agricultural outputs.” The company expects the growth to lead into the “upcoming festive season towards the latter half of the fiscal.”
Price Action: Shares of Hero Moto Corp were up 0.93% to trade at ₹2,376 as the markets opened on Thursday.
Read Next: What’s Causing Maruti Suzuki Shares To Accelerate Today?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.