Hero MotoCorp among top Nifty50 gainers as India's largest 2-wheeler maker announces 4th price hike
Hero MotoCorp Share Price: Zee Business panelist and market expert Jay Thakkar said that Hero MotoCorp has given a breakout on daily chart as it opened above Rs 2750.
Hero MotoCorp Share Price: Shares of Hero MotoCorp on Monday, November 24, gained more than 3 per cent to emerge as top Nifty 50 gainer as Street cheer the announcement to hike prices across range from December 1. The stock opened at Rs 2719.97 apiece on NSE and gained more than 3 per cent to hit day's high of Rs 2804 at 9:25 AM. At 10:40, the scrip quoted Rs 2762.
Zee Business panelist and market expert Jay Thakkar said that Hero MotoCorp has given a breakout on daily chart as it opened above Rs 2750. The stock has formed a golden crossover pattern.
He said that the crucial support is at Rs 2680 apiece and the next target would be Rs 2,900. Once the counter goes past this level, it will give a confirmation of another rally.
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Hero MotoCorp is the country's largest two-wheeler maker. Last week, the company announced to hike prices of motorcycles and scooters by up to Rs 1,500 from December 1 -- the fourth such price hike in the current fiscal. The company last increased prices by up to Rs 1000 ex-showroom in September.
“Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from December 1, 2022. The price increase will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets,” the company said in a regulatory filing.
The company said that the decision to hike the prices was taken due to inflationary costs.
“The upward revision of the prices of our motorcycles and scooters has been necessitated due to overall inflationary costs,” the company added.
Other two-wheeler manufacturers such as TVS and Bajaj Auto could follow suit. While TVS had last increased prices in October, Bajaj Auto hasn't raised prices since July.
Hero MotoCorp in October sold 4,54,582 two-wheelers, recording a 17 percent YoY decline in sales. While 4,42,825 units were sold in the domestic market, the remaining 11,757 units were exported to other countries. In the same period last year, the company sold 5,47,910 units.