Shares of Hero MotoCorp Ltd. rose to a six-year high on Friday after the company increased its stake in electric scooter maker Ather Energy Pvt.
The company purchased additional 3% for Rs 140 crore from existing shareholders of Ather Energy. Its share in the electric two-wheeler maker has risen to 39.7% from 36.7%.
Hero MotoCorp appointed Vivek Anand as chief financial officer, effective from March 1, 2024.
Shares of the company rose as much as 1.45% to Rs. 3,940 a apiece, the highest level since Sept. 21, 2017. It was trading 0.76% higher as of 10:39 a.m. compared to a 0.67% advance in the NSE Nifty 50.
The stock has risen 43.13% year-to-date. Total traded volume so far in the day stood at 0.2 times its 30-day average. The relative strength index was at 76.79, which implied the stock is overbought.
Of the 46 analysts tracking the company, 27 maintain a 'buy' rating, 10 recommend a 'hold,' and nine suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.6%.
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