Hero Motocorp, Ather Energy join hands to accelerate EV charging ecosystem in India

Hero MotoCorp and Ather Energy on December 6 have entered into a partnership for an interoperable fast-charging network in India, according to a press release.

Through this collaboration, EV users will be able to seamlessly use both VIDA and Ather Grids across the country. The combined network will cover 100 cities with over 1900 fastcharging points.

Following the news, shares of Aether Industries rose over a percent while those of Hero MotoCorp continued to trade nearly 2 percent lower.

Earlier in the day, brokerage firm CLSA also downgraded shares of Hero MotoCorp to ‘overweight’ from the previous ‘buy’ rating citing valuations to be reasonable after the recent bull run in the counter. The brokerage has a price target of Rs 4,127 for the stock.

In November, domestic two-wheeler segment clocked in saw strong demand due to the festival season, a time of big-ticket buying, leading to around 20-21 percent on-year growth. On the volumes front, Hero Moto’s volumes surged by 26 percent on year in November.

Moreover, the company also gained market share in November backed by the supply-chain issues faced by Honda due to which the company got stocked out of key models in the festival season, analysts at Kotak Institutional Equities said.

Also Read | CLSA downgrades Bajaj Auto, Hero Moto, Eicher Motors amid valuation concerns

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