Ather Energy shares rise after Hero MotoCorp announced up-to ₹1,000cr
Business
Ather Energy's stock soared over 9% on Wednesday, reaching a new 52-week high of ₹1,313.65 on the BSE.
The rally happened right after Hero MotoCorp announced an investment of up to ₹1,000 crore in Ather, set to go through once it gets all necessary approvals.
The move signals strong confidence in the electric vehicle space and Ather's future.
Ather Energy turnover nearly ₹3,672cr
Hero MotoCorp currently owns 29.48% of Ather Energy, but that could change depending on how this new investment is structured.
Meanwhile, Ather's business is booming: its turnover jumped from ₹2,255 crore last year to nearly ₹3,672 crore this year.
If you're into stocks: Ather has delivered massive returns lately, up 25% in just a month and an eye-popping 276% over the past year.