Hero MotoCorp shares surge 4%, lead Nifty50 gainers on strong Harley Davidson X440 bookings

Shares of Hero MotoCorp Limited surged over 4 percent to Rs 3,074 at 10:38 am on August 8, propelling the stock to the top of the Nifty50 gainers list. This increase followed the company’s announcement of receiving 25,597 bookings for the Harley Davidson X440 since the commencement of bookings on July 4.

Of the total bookings, more than 65 percent of the total booking are for the top model priced at Rs 2.96 lakh ex-showroom, the company said in a disclosure to the exchanges on August 8.

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Furthermore, Hero also said that the introductory ex-showroom prices have now been revised for the Denim, Vivid and S variants to Rs 2,39,500, Rs 2,59,500and Rs 2,79,500 respectively.

“It is heartening to see the confidence shown by the customers in Hero MotoCorp’s foray into this segment,” said Niranjan Gupta, CEO of the company on the order traction. The Harley-Davidson X440 is a collaboration between the Harley-Davidson brand and Hero MotoCorp.

Recently, the automobile major has been under the scanner of the government amid the DRI case involving chairman Pawan Munjal. The Enforcement Directorate (ED) conducted raids at the residence of Pawan Munjal, Chairman of Hero MotoCorp, after taking cognisance of a Directorate of Revenue Intelligence (DRI) case.

In response, the Hero on August 1 issued a statement informing exchanges that ED officials visited two of our offices in Delhi and Gurugram
and the residence of Pawan Munjal. “We continue to extend all cooperation to the agency.”

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