Hero MotoCorp rallies 5% on Rs 420 crore investment in Ather Energy

Hero MotoCorp is gearing up to unveil its first electric vehicle (EV) in March this year.

Shares of Hero MotoCorp (HMCL) gained 5 per cent at Rs 2,703.50 on the BSE in Monday’s intraday trade after the world’s largest manufacturer of motorcycles and scooters, announced a new investment of up to Rs 420 crore in Ather Energy.

Ather, an existing Associate company of HMCL, is engaged in the business of designing, manufacturing, producing, selling, servicing, software development, and software management, in relation to electric automobiles and charging infrastructure; and storage, distribution, and management systems, or otherwise all forms of electric power (including energy in the form of batteries) and other ancillary services.

Prior to