Hero MotoCorp gains after tieup with HPCL for EV charging infra

Hero MotoCorp rose 1% to Rs 2796 after the two-wheeler major said it has collaborated with state-run Hindustan Petroleum Corporation to establish charging infrastructure for electric vehicles (EVs) in the country.

As a part of the initiative, the companies will set-up charging infrastructure for two-wheeled electric vehicles (EVs) across the country.

The two companies will first establish charging infrastructure at HPCL's existing network of nationwide energy stations, with the likelihood of subsequently broadening the collaboration for supplementary business opportunities.

In the first phase, charging stations will be set up in select cities, which will then be expanded to other key markets with the aim of establishing a high density of EV charging station network across the country.

Hero MotoCorp will lead the infrastructure development for the charging network. Each charging station will feature multiple smart and fast chargers, including DC and AC chargers that will be available to all two-wheeled EVs. The entire user charging experience will be controlled by a Hero MotoCorp Mobile-App, based on a cashless transaction model.

"The strong and impressive HPCL energy station network will also provide accelerated opportunities to expand the scope of operations and services," Hero MotoCorp said in a statement.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters. The company recorded 71% jump in standalone net profit to Rs 625 crore in Q1 FY23 from Rs 365 crore in Q1 FY22. Revenue from operations for the first quarter stood at Rs 8,393 crore, a growth of 53% over the corresponding quarter in the previous fiscal.

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