Hero MotoCorp Shares Jump Over 4% On Strong Harley Davidson X440 Bookings

Hero MotoCorp shares surged as much as 4.58 per cent to Rs 3,088 per share on the BSE
Hero MotoCorp.
Hero MotoCorp.

Shares of Hero MotoCorp Limited jumped over 4 per cent to Rs 3,074 in morning trade on Tuesday, following the company’s announcement of receiving 25,597 bookings for the Harley Davidson X440 since the commencement of booking on 4 July.

Hero MotoCorp shares surged as much as 4.58 per cent to Rs 3,088 per share on the BSE. At 1:20 pm, the stock was trading 109.35 points or 3.70 per cent higher at Rs 3,073.80 to become the top gainer on the NSE.

Out of the total bookings, more than 65 per cent of the total bookings are for the top model priced at Rs 2.96 lakh ex-showroom, the company said in an exchange filing on 8 August.

In addition, the company also said that the introductory ex-showroom prices have now been revised for the Denim, Vivid, and S variants to Rs 2,39,500, Rs 2,59,500, and Rs 2,79,500, respectively.

CEO Niranjan Gupta said, "It is heartening to see the confidence shown by the customers in Hero MotoCorp’s foray into this segment." The Harley-Davidson X440 is a collaboration between the Harley-Davidson brand and Hero MotoCorp.

The world’s largest manufacturer of two-wheelers will commence production of the Harley-Davidson X440 in September 2023 and start customer deliveries from October onward.

Recently, the two-wheeler manufacturer has been under the government's radar amid the DRI case involving chairman Pawan Munjal. The Enforcement Directorate (ED) conducted raids at the residence and offices of Munjal and other executives after taking cognizance of a Directorate of Revenue Intelligence (DRI) case.

"We continue to extend all cooperation to the agency," Hero MotoCorp said in a statement on 1 August. The company informed exchanges that ED officials visited two of its offices in Delhi and Gurugram and the residence of Pawan Munjal.

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