Hero MotoCorp said that the price hike is a result of the increment in commodity prices across the spectrum, including steel, aluminium, plastics, and precious metals.
Hero MotoCorp said that there has been a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals. In order to partially offset the impact of the commodity costs, the company will be increasing the prices of products by up to Rs 1500, with effect from 1 January 2021, Hero MotoCorp said. The increase will vary across models, and the exact quantum will be communicated to our dealers in due course, the company added.
The announcement was made after market hours yesterday, 16 December 2020. Shares of Hero MotoCorp rose 0.17% to settle at Rs 3,117.85 yesterday.
The two-wheeler major's consolidated net profit jumped 9.1% to Rs 963.82 crore on 23.7% increase in net sales to Rs 9,473.32 crore in Q2 September 2020 over Q2 September 2019.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year.
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