Shares of Ather Energy Limited rallied nearly 9% during the trading hours on Wednesday, July 15 after Hero MotoCorp announced an investment of Rs 1,000 crore in the EV maker.
The gains also come as Ather Energy announced the launch of its first mass market electric scooter.
Ather Energy shares advanced as much as 9% to Rs 1,310 apiece. The scrip was trading 8.63% higher by 10:28 am, while the benchmark Nifty 50 index was up 0.65%.
Hero MotoCorp, in an exchange filing on Tuesday, July 14 announced that its Commitee of Directors has considered and approved the additional investment of up to Rs. 1,000 crore in Ather Energy.
In an exchange filing on Tuesday, July 14, the EV maker said, "Ather will unveil the first scooter from its new EL platform, marking its entry into the mass-market scooter segment."
The EL platform aims to address the mass market through the Rs 1 lakh to Rs 1.25 lakh price segment while expanding its total market share.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.