Hero MotoCorp shares up over 1% as firm announces price hike

There has been a steady rise in commodity costs across the spectrum, the company said

Shares of Hero MotoCorp on Thursday gained over 1 per cent after the company said it will increase prices of its vehicles from January 1, 2021, to offset the impact of rising input costs.

The stock went up by 1.22 per cent to Rs 3,156 on the BSE.

On the NSE, it gained 1.28 per cent to Rs 3,157.50.

Two-wheeler market leader on Wednesday said it will increase prices of its vehicles by up to Rs 1,500 from January 1, 2021, to offset the impact of rising input costs.

There has been a steady rise in commodity costs across the spectrum, including steel, aluminium, plastics, and precious metals, the company said in a statement.

"In order to partially offset the impact of the commodity costs, we will be increasing the prices of our products by up to Rs 1,500, with effect from January 1, 2021. The increase will vary across models, and the exact quantum will be communicated to our dealers in due course," it said.