The company has entered into an agreement with US-based Harley Davidson for sale and service of the latter's premium motorcycles in India using the two companies' dealership networks in India
Under the agreement Hero Motocorp will produce and handle distribution and after-sales for Harley products
At the bourses, shares of Hero MotoCorp rallied 23.5 per cent during the September quarter as compared to 9 per cent gain in the S&P BSE Sensex
Two-wheeler stocks such as TVS Motor, Hero MotoCorp, and Bajaj Auto were among the top gainers on the Nifty Auto index, surging up to 1.6 per cent in the intra-day deals on the National Stock Exchange
At 12:49 pm; Nifty Auto index, top loser among sectoral indices, was down 3 per cent, as compared to 1.2 per cent decline in the Nifty50 index.
Analysts at Emkay Global believe that the recent recovery volumes will manifest into a powerful cyclical rally across segments for automobile companies
Rural sales at present are around 23 per cent of overall sales, which is nearly the same as in pre-Covid times
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The company has also appointed Sanjay Bhan as Head of Global Business to pursue rapid expansion and consolidation in the international markets, Hero MotoCorp said in a statement.
Tractor sales also increased with largest tractor seller Mahindra & Mahindra selling 18 per cent more farm equipment indicating that a good monsoon was driving the rural economy
The gains for India's largest two-wheeler makers are largely expected to come from the rural market due to a shift to personal mobility and higher sales of entry-level bikes
The company cautiously anticipates sales to continue their upward trajectory with favorable factors such as the upcoming festive season and continued government policy support
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Harley, known for its heavy touring motorcycles, struggled in India mainly because of high import duties
The momentum oscillator MACD has provided fresh sell crossover on the weekly scale for Piramal's stock
Like major banks - State Bank of India, Axis Bank, and IndusInd Bank, top auto brands such as Maruti Suzuki, Bajaj Auto, and Hero MotoCorp have suffered significant losses
Hero MotoCorp, TVS Motor increase market share in a dwindling market while Bajaj and Honda slip
Despatches at India's top two carmakers - Maruti Suzuki India (MSIL) and Hyundai Motor India (HMIL) - zipped past not only the pre-Covid phase
Semi-urban centres drive demand for Hero
The GST meeting on September 17 might take up the two-wheeler rate issue to spur sales ahead of the festive season