Hero MotoCorp shares hit all-time high; market cap crosses Rs 1 lakh crore
On Tuesday, May 14, the company during market hours, announced that it has joined the ONDC Network, thereby becoming the first auto company in the country to join the network.
Hero MotoCorp shares clocked an all-time in Wednesday's trade at Rs 5,100.2 apiece on BSE. The scrip rose for the sixth session in a row. On Tuesday, May 14, the two-wheeler manufacturer's market capitalisation crossed Rs 1 lakh crore for the first time. At around 12:20 p.m., shares of Hero MotoCorp traded marginally higher at Rs 5050 apiece.
On Tuesday, May 14, the company during market hours, announced that it has joined the ONDC Network, thereby becoming the first auto company in the country to join the network.
"Aligned with its customer-first approach, Hero MotoCorp, the world’s largest manufacturer of scooters and motorcycles, has joined the ONDC Network, thereby becoming the first auto company in the country to join the network," the filing read.
As per the filing, the open network will initially offer two-wheeler parts, accessories, and merchandise. Customers can easily discover Hero Genuine Parts by using any buyer apps on the Network, such as Paytm and Mystore, among others.
Furthermore, as Hero MotoCorp onboards onto the Network, it further strengthens the Digital India mission, helping drive the country's digital transformation and economic growth while revolutionizing the digital automotive marketplace.
"At Hero MotoCorp, customer-centricity and digital innovation are at the core of everything we do. Now with ONDC Network, we have pioneered the automotive taxonomy for the auto industry, making it easier for customers to find vehicle parts and accessories to begin with,” said Niranjan Gupta, CEO, Hero MotoCorp.
Gupta added with this initiative, Hero MotoCorp is furthering the Government’s Digital India mission and we will continue to bring in more innovation in this space
What is the ONDC network?
ONDC (Open Network for Digital Commerce) is a tech-based initiative to transform the way e-commerce functions in the country by enabling e-commerce through an open protocol based on open-source specifications.
The initiative aims to facilitate the rapid adoption of e-commerce. Its objectives also include the growth of startups in India.
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