Two-wheeler market leader Hero MotoCorp 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," the two-wheeler maker said in the statement.

"We have already accelerated our savings programme under the Leap-2 umbrella, and will continue to work on mitigating the impact, with the objective to reduce the burden on the customers and protect our margins," it further added.

Shares of Hero MotoCorp last closed at Rs 3,116 per share, up by Rs.3.65 from the previous closing on the NSE.

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