Equity Alert: Hero Honda up 3%; Merrill Lynch hikes price target
MUMBAI--11:30AM--Shares of Hero Honda Motors rose 3% to 851 rupees
after
brokerage Merrill Lynch upgraded its share price target and said the
two-wheeler
major's Jul-Sep results will likely grow 50% on year.
Merrill Lynch now expects the stock to rise to 960 rupees in 12
months,
against 921 rupees estimated earlier.
The brokerage recommends investors buy the stock citing double-
digit sales
growth, steady margins, and higher dividend payout.
Hero Honda's sales reach and aggressive portfolio expansion are
seen holding
the company in good stead despite intense competition, the brokerage
said in a
note.
So far today, 134,486 shares of Hero Honda have been traded on BSE
and NSE
together. The company's September futures contract was at par to the
spot with
a 10% fall in open interest.
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