Hero Motors shares jumped 20% on Thursday, September 24, reaching the upper price band for the second consecutive trading session. The auto component manufacturer’s stock surged to ₹118.08 per share, its intraday high, after debuting at ₹82 on Wednesday, September 23. The 20% rise brought the shares to the previous upper circuit level of ₹98.40, reflecting strong buying momentum following the discounted debut on the NSE and BSE.

NSE data showed that Hero Motors shares rose 20% to hit their intraday high and upper circuit level of ₹118.08 apiece on Thursday’s market, compared to ₹98.40 apiece at the previous equity market close. The rally was driven by sustained investor interest and the absence of sell orders after the trading suspension at the upper price band level.

Trading volumes surpassed 167 million equity shares across NSE and BSE combined as of the noon deals, triggering the high-volume gains on September 24. The large volume, coupled with no sell orders after the suspension, indicated elevated buying interest among investors, contributing to the sharp price increase during the session.

Latest media reports from CNBC TV-18 suggest that a large‑size block deal was executed in Hero Motors shares during the intraday trading session, with an estimated 2.4 crore shares exchanging hands, equivalent to around a 5.3% stake of the company. This block transaction added to the overall trading activity and helped sustain the upward price trend.

The company’s shares made a 2.38% discount debut on the Indian stock market on Wednesday, September 23, listing at ₹82 apiece, against the IPO issue price of ₹84 per share. Despite the discounted debut, Hero Motors shares rallied 20% to hit the previous upper circuit level of ₹98.40 apiece during the intraday trading session on the listing day, with several bulk deals powering the high trading activity.

Hero Motors’ IPO was a combination of a fresh issue and an offer‑for‑sale component, raising ₹600 crore. The company disclosed that ₹190 crore will be used to repay or prepay loans, ₹200 crore will fund capital expenditure for expanding the Gautam Buddha Nagar, Uttar Pradesh facility, and ₹171.98 crore will finance inorganic growth through unidentified acquisitions and other strategic initiatives. IPO related expenses amounted to ₹380.12 crore. The IPO was subscribed 6.66 times, with non‑institutional investors bidding 9.86 times, retail investors 8.23 times, and qualified institutional buyers 1.49 times the offer.