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Hero MotoCorp gains on planning to launch electric model next year

Hero MotoCorp is currently trading at Rs. 2836.35, up by 25.35 points or 0.90% from its previous closing of Rs. 2811.00 on the BSE.

The scrip opened at Rs. 2849.50 and has touched a high and low of Rs. 2849.50 and Rs. 2813.65 respectively. So far 2792 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 3628.55 on 18-Feb-2021 and a 52 week low of Rs. 1992.60 on 20-May-2020.

Last one week high and low of the scrip stood at Rs. 2878.00 and Rs. 2801.10 respectively. The current market cap of the company is Rs. 56160.94 crore.

The promoters holding in the company stood at 34.76%, while Institutions and Non-Institutions held 55.87% and 9.37% respectively.

Hero MotoCorp is all set to launch an electric model next year and mark its entry into the segment. Bullish on the electric vehicle (EV) vertical, the company is utilising its Jaipur (Rajasthan) and Stephanskirchen (Germany) based R&D set-ups to develop its own products.

Besides, the company has tied up with Taiwan-based Gogoro Inc to bring the latter’s battery swapping platform to India. The partners have also decided to collaborate on electric vehicle development to bring Hero-branded, powered by Gogoro network vehicles to market.

Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters.

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