Hero MotoCorp Ltd – country’s largest two-wheeler manufacturer - by surprise and the company is ramping up production to match the retail demand.
The New Delhi based manufacturer has also decided to reduce capex by 40% to ₹600 crore for the current fiscal, as part of its cost cutting exercise, according to senior executives of the company.Also, the Non Banking Financial Companies (NBFCs) have been aggressively approaching two-wheeler buyers as the lower tenure loans are considered safe, they said.According to Niranjan Gupta, chief financial officer, Hero MotoCorp, it will be difficult to give any guidance for the current fiscal year but there is a pent up demand and people will move towards personal mobility due to the covid-19.