Hero MotoCorp share price added 4 percent intraday on October 28 after the company formed partnership with Harley-Davidson, Inc.
As per the distribution agreement, Hero Moto will sell and service Harley-Davidson motorcycles and sell parts & accessories and General Merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero’s existing dealership network in India.
As part of a Licensing agreement, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name.
"Hero Moto will benefit from this joint agreement. The company would be able to generate more revenue on the back of selling Harley-Davidson motorcycles. Further, the company has a strong distribution network in India, which would help the company to grow fast in this premium bike segment. So overall this development is positive for Hero MotoCorp," said Amarjeet Maurya - AVP - Mid Caps, Angel Broking.
The meeting of the board of directors of the company is scheduled on October 28 to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2020.
At 11:43 hrs Hero MotoCorp was quoting at Rs 2,971.75, up Rs 59.80, or 2.05 percent.
The share touched its 52-week high Rs 3,393.85 and 52-week low Rs 1,475.00 on 16 October, 2020 and 24 March, 2020, respectively.
Currently, it is trading 12.44 percent below its 52-week high and 101.47 percent above its 52-week low.