Hero MotoCorp shares gained almost one per cent in a strong market on the news that India's largest two-wheeler maker decided to raise the ex-showroom prices of motorcycles and scooters "to offset the impact of steadily increasing commodity prices." At 9:18 am, the shares of Hero MotoCorp were trading at Rs 2,940, higher by 0.68 per cent, on the BSE.
The rate hike will be up to Rs 3,000 across the range of motorcycles and scooters, but the exact quantum of increase will depend on the model and the market. The new rates will be effective from September 20 this year.
Ex-showroom price refers to the cost of a vehicle, excluding the registration fees paid at the Regional Transport Office (RTO), road tax and insurance.
Maruti Suzuki had hiked its vehicle prices in September, whereas Tata Motors, Honda Cars, Mahindra & Mahindra, Renault and Toyota raised prices during the July-August period.
The benchmark indices hit fresh life-time highs at the time, with the BSE Sensex and NSE Nifty gaining 0.5 per cent each.
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