Shares of the world's largest two-wheeler maker, Hero MotoCorp, rose as much as 3 percent intraday high of Rs2,995 on the NSE a day after the company said that it will increase prices of its motorcycles and scooters starting July. The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters with effect from July 1, 2021.

According to the Company, the price hike will be up to Rs 3,000 across the range of motorcycles and scooters and the exact quantum of the increase will depend on the basis of the model and the specific market. The price hike has been necessitated to partially offset the impact of a continuous increase in commodity prices.

The company continues to drive cost savings programme aggressively, in order to minimize the impact on the customer, Hero MotoCorp said in a statement.

Hero MotoCorp shares have so far this year fallen 3 percent underperforming the Sensex which has advanced over 10 percent.

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