Hero MotoCorp shares rally as company decides to hike prices from July

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Shares of Hero MotoCorp traded higher in the early trade on Wednesday after the two-wheeler maker said it will hike its vehicle prices by up to Rs 3,000 from July to partially offset the impact of the higher commodity prices.

The scrip traded 2.17% higher at Rs 2969 at around 9.30 am (IST), while the benchmark BSE Sensex was up 112 points, or 0.21%, at 52,701

Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from July 1, the company said in a statement.

The price hike will be up to Rs 3,000, it said.

The exact quantum of the increase, however, will depend on the basis of the model and the specific market, the company said.

The price hike has been necessitated to partially offset the impact of continuous increase in commodity prices, Hero MotoCorp said, adding, it continues to drive cost-saving programme aggressively, in order to minimise the impact on the customer.