Page 2 - Hero Group

Hero FinCorp files papers with Sebi to raise Rs 3,668 crore via IPO

Hero FinCorp, the financial services division of two-wheeler manufacturer, Hero MotoCorp, has filed preliminary papers with capital markets regulator Sebi to raise Rs 3,668 crore through an Initial Public Offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares worth Rs 2,100 crore and an Offer For Sale (OFS) of Rs 1,568 crore by investor shareholders, according to the Draft Red Herring Prospectus (DRHP) filed on Wednesday. Those selling shares in the OFS are -- AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (through Vikas Srivastava) and Otter Ltd. Proceeds from the fresh issue will be used to increase the company's capital to meet future funding needs for lending activities. Hero FinCorp is a NBFC offering a diversified suite of financial products catered primarily to the retail, micro, small and medium enterprise (MSME) customer segments in India. As of March 2024, the NBFC firm had assets under ...

Delhi HC quashes summons to Hero Group Chairman Pawan Munjal in DRI case

The Delhi High Court on Wednesday quashed a summons issued to Hero Motocorp chairman Pawan Kant Munjal in a case registered by the Directorate of Revenue Intelligence (DRI) relating to foreign currency. The high court passed the order on Munjal's plea seeking quashing and setting aside of a trial court's July 1, 2023 order by which the summons was issued against him for alleged offences under the Customs Act. "The petition is allowed. Summoning order is quashed," Justice Manoj Kumar Ohri said while pronouncing the order. In November last year, the high court had stayed the proceedings relating to foreign currency lodged against Munjal by the DRI. The high court, in its interim order, had noted that Munjal was exonerated by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on the same set of facts and this was not disclosed before the trial court and that the petitioner had successfully made out a case for interim protection. It had stayed the operation of the July 1,

Hero MotoCorp to raise prices of few models by up to Rs 1,500 from July

Hero MotoCorp on Monday said it will hike prices of select motorcycle and scooter models by up to Rs 1,500 with effect from July 1, 2024 in order to partially offset the impact of higher input costs. The price revision will be up to Rs 1,500 and the exact quantum of increase will vary by specific model and market, the country's largest two-wheeler maker said in a statement. "The revision has been necessitated to partially offset the impact of higher input costs," it added. Hero MotoCorp sells a range of bikes including high selling Splendor range, HF Deluxe and Glamour. Scooter range includes Xoom and Destini 125 XTEC. Shares of Hero MotoCorp were trading 0.46 per cent up at Rs 5,477.20 apiece on the BSE.

Hero MotoCorp to acquire additional 2.2% stake in Ather for Rs 124 cr

Hero MotoCorp on Thursday said it will acquire an additional 2.2 per cent stake in Ather Energy for Rs 124 crore. Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2 per cent, Hero MotoCorp said in a regulatory filing. The acquisition entails an investment of up to Rs 124 crore and is expected to be completed by July 31, 2024, it added. Hero MotoCorp currently holds a 39.7 per cent stake in Ather Energy. Bengaluru-based Ather Energy is engaged in designing, manufacturing, producing, selling, servicing, software development, and software management, in relation to electric automobiles and charging infrastructure. The company is also engaged in storage, distribution, and management systems of electric power (including energy in the form of batteries) and other ancillary services. Ather Energy posted Rs 1,753.8 crore revenue in FY24.

Buy & sell ideas for May 29 from HDFC Securities: Pidilite, Hero MotoCorp

Pidilite stock price has broken out from the downward sloping trend line on the weekly chart. Stock has surpassed the previous swing high resistance

Hero Realty Pvt Ltd appoints Madhur Gupta as its chief executive officer

Hero Realty Pvt Ltd (HRPL) on Friday said it has appointed Madhur Gupta as its Chief Executive Officer. Before joining Hero Realty, Gupta was CEO of Hero Steels Ltd, a part of Hero Enterprise, according to a statement. "His diverse background in the mining and metals industry and his strong proficiency in procurement, engineering, business development, project engineering, and supply chain management position him perfectly to lead HRPL into a new era of growth and innovation," it said. Gupta holds a degree in mechanical engineering and is also an alumnus of IIM Lucknow. Gupta's appointment follows resignation of Hero Realty's CEO Dharmesh Shah earlier this month. Shah will float his own venture. He became CEO of Hero Realty, promoted by Sunil Kant Munjal's Hero Enterprise, in March 2022. This year, Hero Realty is all set to launch four projects in Delhi-NCR, Ludhiana and Mohali.

Hero MotoCorp planning to launch 3 electric scooters in 2024: CEO

Hero MotoCorp domestically sold 14,046 units of Vida in the April-December period in 2023-24. Vida comprised 4.53 per cent of its total scooter sales in the same time period, as per the SIAM data

Hero MotoCorp plans to launch 3 electric two-wheelers by early next year

With an aim to accelerate its electrification journey, Hero MotoCorp plans to bring three new electric two-wheelers in the next one year, company CEO Niranjan Gupta said on Tuesday. The company, which unveiled its new performance bike MAVRICK 440, is also ramping up production to 10,000 units a month to meet demand for motorcycles in the segment. "In FY25, we will launch electric scooters in the mid-price segment and in the economy segment to extend our Vida range," Gupta said in an interaction on the sidelines of the Hero World 2024 event here. Further, he said, "We will be launching another electric two-wheeler in the B2B last mile delivery segment, which is a big segment," he added. On the possibility of launching electric bikes through the company's tie up with California-based Zero Motorcycles, he said it will take some time as the market is still developing in India and is still costly. However, he said the technology from the partnership will be used to develop electric ...

WEF 2024: UP Govt, Hero Group sign MoU worth Rs 4,000 crore at Davos

Hero Future Energies (HFE), part of business conglomerate Hero Group, has signed a memorandum of understanding here with the Uttar Pradesh government for investing Rs 4,000 crore in a renewable energy and clean technology project. The MoU was signed by Agriculture Production Commissioner and Infrastructure & Industrial Development Commissioner of the Uttar Pradesh government Manoj Kumar Singh and Hero Future Energies Chairman and MD Rahul Munjal on the sidelines of the World Economic Forum Annual Meeting here. The company currently has a portfolio of 3 GW of grid-connected wind, solar and rooftop solar power generating assets operating in India and Europe, and another 2 GW of projects are in the pipeline across India, Vietnam, Bangladesh, and the UK. The Uttar Pradesh delegation also met senior representatives of HCL Technologies, Unilever, Nestle, Microsoft and ReNew here.

Two wheeler year-end discounts flat, riding on inventory liquidation

The recent festive season saw robust growth in two-wheeler sales, reaching 2,893,107 units, marking a 20.71 per cent increase compared to the previous year

TVS Motor November sales: Total sales up 31% YoY to 364,231 units

TVS sold a total of 16,872 units of electric two-wheelers in November 2023 as against 10,056 units sold in November 2022

New launches power Hero, Bajaj Auto stocks into gains, Eicher drags

The price point of the new bikes is similar to RE's top-selling Classic 350 but have more power and torque

Hero launches its 160R 4V priced at Rs 1.27 lakh, bookings start today

For agility, Hero has kept the weight of the motorcycle low at 145kg

Hero MotoCorp launches its popular motorcycle Passion+ at Rs 76,301

Given its reliable and small-capacity engine, Hero's Passion has earned a reputation for being a workhorse in the Indian countryside and small towns alike

Made-in-India Harley-Davidson X 440 unveiled, launch in July this year

The Harley-Davidson X 440, has a chunky front, with a large, square-ish fuel tank. It has a single-piece seat that kinks and flows into the pillion section

China's SAIC Motor plans to sell its stake in MG Motor to domestic entities

SAIC is in the advanced stages of talks with investors from different Indian companies, which include Reliance, Hero Group, Premji Invest, and JSW Group for equity sale

Launch blueprint, rural gains can help Hero MotoCorp turn the corner

Lower raw material costs aided margin recovery for the 2-wheeler sector in Q4

IPO-bound TVS SCS raises Rs 520 cr from Hero, Bajaj, SBI and others

Company has sought market regulator's approval to raise as much as Rs 750 cr

Hero MotoCorp sales increases by 10% in February at 3,94,460 units

The country's largest two-wheeler maker Hero MotoCorp on Wednesday reported a 10 per cent year-on-year increase in total wholesales at 3,94,460 units in February. The company had dispatched 3,58,254 units in the same month last year. In the domestic market, its sales rose to 3,82,317 units last month from 3,31,462 units in the same month last year. Exports, however, dipped to 12,143 units from 26,792 units in the year-ago period. "The volumes in the month of February indicate the continuously improving consumer sentiment and the company expects the positive trend to continue in the coming months, on the back of favourable economic indicators," Hero MotoCorp said in a statement.

Hero Realty buys land in Gurugram for Rs 90 cr for plotted development

Hero Realty Pvt Ltd has purchased a 5- acre land in Gurugram for Rs 90 crore to develop a plotted residential project. The deal was facilitated by property consultant Cushman & Wakefield. The name of the seller has not been disclosed. Hero Realty, promoted by Sunil Kant Munjal's Hero Enterprise, has bought the land in Sector 85, Gurugram, the consultant said in a statement. Dharmesh Shah, CEO, Hero Realty, said, The acquisition marks the entry of Hero Realty into the plotted spaces in Delhi-NCR region." The project will further strengthen its continued sales growth in this fiscal and set the foundation for a significant increase in market share, Shah said. "This land parcel is over 5 acres at a value of Rs 900 million(Rs 90 crore)," the statement said. Hero Realty has successfully delivered projects in Ludhiana, Mohali and Haridwar. Hardeep Lamba, MD Capital markets (North & East), Cushman & Wakefield, said this transaction will not only make way for a successful project .