Hero Motocorp Surges 5% as Maverick Enters 440cc Segment

11 Jan 2024 , 02:18 AM

Hero Motocorp Limited witnessed a 5% surge in shares, reaching Rs 4,367 in afternoon trade on January 11, following reports by CNBC TV-18 about the company’s entry into the 440 cc segment with a product range set to launch on January 23.

The new entrant, named ‘Maverick,’ is designed for both the Indian and global markets and is expected to be commercially rolled out in the coming months, according to sources cited by CNBC TV-18.

As of 1 pm, the stock trades at Rs 4,360, marking a 5.4% increase from the previous close on the NSE. Hero Motocorp’s stock has seen a remarkable 62% rise in the past year, making it the Nifty gainer.

There are indications that the company may unveil a 125cc bike as part of the product lineup, with plans to showcase prototypes and production-ready models in Jaipur, launching them in FY24 and FY25.

In December, the world’s largest two-wheeler company sold 3,93,952 units, a slight decrease from 3,94,179 in the year-ago period. Motorcycle sales stood at 3,54,658 units, while scooter sales increased to 39,294 units compared to 37,430 units sold a year back.

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