Hero Moto is very much in the limelight today morning, rising almost 6% to hit an intraday high at Rs.2721.45 on the back of 7-times surge in volumes.
The stock price after the company announced that it is investing Rs.420 crore in Ather Energy. It manufactures two electric scooters - the Ather 450X and the Ather 450 Plus. It has also established electric vehicle charging infrastructure across the country called Ather Grid.
Hero already held 34.8% stake in Ather and after this investment it will go up further though the exact shareholding will be determined upon completion of the capital raise round by Ather.
Hero said that it is also exploring other collaborations with Ather Energy as well, in various spheres, such as charging infrastructure, technology and sourcing.