 "Hero MotoCorp gains 4% on tie-up with US-based Harley Davidson")
Shares of Hero MotoCorp surged 4 per cent to Rs 3,025 on the BSE in the early morning trade on Wednesday after the company entered into an agreement with US-based Harley Davidson for sale and service of the latter's premium motorcycles in India.
"As per the distribution agreement, Hero MotoCorp will sell and service Harley-Davidson motorcycles, and sell parts and accessories and general merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero's existing dealership network in India," the companies said in a joint press release. READ HERE
As part of the agreement, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name.
This arrangement is mutually beneficial for both companies and riders in India, as it brings together the iconic Harley-Davidson brand with the strong distribution network and customer service of Hero MotoCorp, they said.
Meanwhile, Hero MotoCorp, the world's largest maker of motorcycles and scooters in terms of unit volumes, is schedule to announce July-September quarter (Q2FY21) results later today.
Brokerages expect the two-wheeler manufacturer to report up to 13 per cent increase in profit while revenues are expected to rise over 20 per cent, led by volume growth and increase in realisation. According to Hero MotoCorp's monthly auto sales data, the company sold 18.14 lakh units during the quarter under review, up 7.3 per cent from 16.9 lakh units sold in Q2FY20. The company had sold 5.63 lakh units in Q1FY21. CLICK HERE FOR FULL REPORT
At 09:38 am, Hero MotoCorp was trading 3.6 per cent higher at Rs 3,019 on the BSE, as against 0.11 per cent gain in the S&P BSE Sensex. Trading volumes on the counter doubled with a combined 1.5 million equity shares changing hands on the NSE and BSE till the time of writing of this report.
At 09:38 am, Hero MotoCorp was trading 3.6 per cent higher at Rs 3,019 on the BSE, as against 0.11 per cent gain in the S&P BSE Sensex. Trading volumes on the counter doubled with a combined 1.5 million equity shares changing hands on the NSE and BSE till the time of writing of this report.
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