Hero MotoCorp shares hit all time high after AP Plan

After Telangana lost to Andhra Pradesh in the run to grab Hero MotoCorp since the company opted for the latter, the company announced its plan to roll out bikes in 18 months time setting up its plant in Chittoor. Andhra Pradesh government has offered 600 acres of land for setting up the plant in AP alongwith a lot of incentives from the State.

Surprisingly the shares of this company gained momentum after this decision on Tuesday. Shares of Hero MotoCorp were nearly 3% up at Rs 2,866, after hitting a 52-week high of Rs 2,874. The stock opened at Rs 2,806 and touched a high of Rs 2,874 so far. Over 394,000 shares were traded on both the stock exchanges. This is seen as a result of the company’s announcement that it would set up an ultra-modern manufacturing facility with a capacity to produce 1.8 million units annually in Andhra Pradesh to meet the growing demand for its two-wheelers.