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HomeNewsBusinessMarketsHero MotoCorp hits new all-time high, rises for 5 consecutive sessions

Hero MotoCorp hits new all-time high, rises for 5 consecutive sessions

Hero MotoCorp's management has guided for a double-digit revenue growth in the coming quarter, which reflects their confidence over the company's future performance,

May 14, 2024 / 15:29 IST
Hero MotoCorp stock has risen consistently across five trading sessions, gaining 57 percent over the past year and significantly outperforming the Nifty 50, which rose by 13 percent.
     
     
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    Shares of Hero MotoCorp climbed over three percent to hit a 52-week high of Rs 5,045 on May 14. The increase followed an announcement on May 13 that it had joined the ONDC Network, becoming the first automobile company in India to do so.

    The stock has risen consistently across five trading sessions, gaining 57 percent over the past year and significantly outperforming the Nifty 50, which rose by 13 percent.

    With the largest physical distribution and service network in the Indian auto industry, Hero MotoCorp will further expand its reach by partnering with ONDC. This collaboration will initially include two-wheeler parts, accessories, and merchandise available through various apps on the network, such as Paytm and Mystore.

    This integration aims to enhance the reach and efficiency of Hero MotoCorp’s channel partners by accelerating order processing and enabling hyperlocal deliveries. Joining the network supports the Digital India mission and aims to revolutionise the digital automotive marketplace, according to the company’s filing.

    Niranjan Gupta, CEO of Hero MotoCorp, emphasised the innovation brought by the ONDC partnership in the filing: “With the ONDC Network, we have pioneered the automotive taxonomy for the auto industry, simplifying the search for vehicle parts and accessories. This initiative furthers the government's Digital India mission, and we will continue to introduce more innovations in this area.”

    T Koshy, MD and CEO of ONDC, said: "Hero MotoCorp joining the ONDC Network marks a significant advancement for the two-wheeler industry. When leading brands like Hero MotoCorp adopt the Open Network, it reinforces our vision of driving digital transformation in the country by creating a fair and efficient ecosystem for all types of businesses to prosper. We are confident that this will set a precedent for others to follow."

    Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

    Moneycontrol News
    first published: May 14, 2024 03:29 pm

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