Sensex Trades Over 500 Points Lower, Dow Futures Down By 24 Points

Moving on to stock-specific news...

Among the buzzing stocks, today is Hero MotoCorp.

Two-wheeler maker Hero MotoCorp on March 23, 2021, said it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021, in order to partially offset the impact of higher commodity costs.

"The price hike has been necessitated to partially offset the impact of increased commodity costs," Hero MotoCorp said in a filing to BSE.

The price increase across the range of two-wheelers will be up to Rs 2,500, and the exact quantum of the increase will vary on the basis of the model and the specific market, it added.

The company has accelerated its cost-savings program to ensure minimal impact on the customer, Hero MotoCorp said.

Hero MotoCorp, formerly Hero Honda, is an Indian multinational motorcycle and scooter manufacturer based in New Delhi, India. The company is the largest two-wheeler manufacturer in the world, and also in India, where it has a market share of about 46% in the two-wheeler category.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, shares of Hero MotoCorp were trading up by 0.2% on the BSE.

Moving on to news from the energy sector...

Saudi Aramco Remains In Discussion To Pick Stake In Reliance Unit

Saudi Aramco remains in discussion with Reliance Industries for a potential deal to buy a 20% stake in its oil-to-chemical (O2C) unit, Morgan Stanley said on March 22, 2021, citing the Saudi firm's analyst call post announcing 2020 earnings.

Reliance Chairman and CEO, Mukesh Ambani had in August 2019 announced talks for the sale of a 20% stake in the oils-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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