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Hero MotoCorp has moved higher by over 3% at Rs 2,195 in otherwise subdued market on the National Stock Exchange (NSE). The stock opened at Rs 2,130 and hit a high of Rs 2,198, also its 52-week high on the NSE.
Shares of the country’s largest two-wheelers maker has outperformed the market by surging 8% in past four trading sessions after the company announced a joint venture with Italy’s Magnetti Marelli for developing powertrains and next-generation electronic fuel-injection systems. The benchmark CNX Nifty has gained 2.6% during the period.
“This development will help the cause of Hero engines, improve our products and help meet environmental regulations,” says Pawan Munjal, managing director and chief executive, Hero MotoCorp.
He added the venture would start manufacturing by the end of next year and was targeting $200 million in turnover in 10 years.
Shares of the country’s largest two-wheelers maker has outperformed the market by surging 8% in past four trading sessions after the company announced a joint venture with Italy’s Magnetti Marelli for developing powertrains and next-generation electronic fuel-injection systems. The benchmark CNX Nifty has gained 2.6% during the period.
“This development will help the cause of Hero engines, improve our products and help meet environmental regulations,” says Pawan Munjal, managing director and chief executive, Hero MotoCorp.
He added the venture would start manufacturing by the end of next year and was targeting $200 million in turnover in 10 years.
