Hero MotoCorp to hike prices of motorcycles by up to Rs2,000 from April 5; stock ends higher over 2.5%

30 Mar 2022 , 05:06 PM

Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 5, 2022.

The price revision has been necessitated to partially offset the impact of increasing commodity prices. The price revision will be up to Rs2,000 and the exact quantum of increase will be subject to specific model and the market, the company said in a statement.

The stock ended at Rs2,271.60 up by Rs63.25 or 2.86% from its previous closing of Rs2,208.35 on the BSE. The scrip opened at Rs2,251 and touched a high and low of Rs2,280.85 and Rs2,227 respectively.

Also, HeroMotocorp made a clarification on the news item appearing in “Media/Publication” on 29th March, 2022. The allegations made in the press report are not borne out of any document that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports, the company said in the filing.

We wish to clarify that officials from the Income Tax department visited our offices in the previous week. The Company has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably. Hero MotoCorp is a law-abiding corporate, with robust internal financial controls and its financial statements are duly audited, the company said in the statement.

We are conscious of our obligation under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; we have been discharging the same on a regular basis and shall continue to do the same. As a matter of fact, we do not comment/respond on speculative news, it added.

Tata Motors announced an impending price hike of its commercial vehicle range. “A price increase of 2% to 2.5% will come into effect from April 1, 2022, across the range, depending on individual model and variant,” the automaker said in the last week.