Hero MotoCorp gained 2.10% to Rs 2973.85 after the company and the US-based Harley-Davidson, Inc. announced agreement for the Indian market.
The two-wheeler maker on Tuesday said that it will sell and service Harley-Davidson motorcycles, and sell parts & 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.
It added that as part of a licensing agreement, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name.
These actions are aligned with Harley-Davidson's business overhaul, The Rewire, and the company's announcement in September to change its business model in India.
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.
The announcement comes almost a month after Harley-Davidson Inc. announced that it will discontinue sales and manufacturing operations in India.
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.
The company will announce Q2 results today, 28 October 2020. Its net profit slumped 92% to Rs 61.31 crore on a 63% decline in net sales to Rs 2971.54 crore in Q1 June 2020 over Q1 June 2019.
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