Shares of Hero MotoCorp Ltd. hit record highs on Tuesday, after the Splendor maker announced that it has joined the Open Network for Digital Commerce to supply vehicle parts and accessories.
The company is the first auto company to join the ONDC network, it said in an exchange filing. Hero MotoCorp will initially offer two-wheeler parts, accessories, and merchandise through ONDC.
The two-wheeler manufacturer already boasts the largest physical distribution and service network in India. This collaboration with the ONDC will enhance its reach and convenience by providing an easy-to-access digital mode to its customers, Hero MotoCorp said in an exchange filing.
Customers can find Hero MotoCorp's genuine parts on buyer applications like Paytm and Mystore.
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Shares of Hero MotoCorp rose as much as 3.26% to Rs 5,045.60, the highest level since its listing on April 11, 2003. It was trading 2.53% higher at Rs 5,009.00 as of 10:00 a.m., compared to 0.17% advance in the NSE Nifty index
The scrip gained 85.42% in last 12 months and 21.8% so far this year. The total traded volume so far in the day stood at 0.54 times its 30-day average. The relative strength index was at 74.24, which implied the stock is overbought.
Out of 42 analysts tracking the company, 28 maintain a 'buy' rating, seven recommend a 'hold,' and seven suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.9%.
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