Hero MotoCorp shares surge 6% on plans to set up new facility

Shares of Hero MotoCorp surged 6 per cent today, adding over Rs 3,100 crore to its investor wealth, after the company entered into a pact with Andhra Pradesh government for setting up a two-wheeler manufacturing plant in Chittoor district.
The two-wheeler maker's stock jumped 5.57 per cent to settle at Rs 2,998.15 on the BSE. In intra-day session, it climbed 8.45 per cent to Rs 3,080 -- its 52-week high.
At the NSE, the stock zoomed 6.06 per cent to end at Rs 3,000.
Following the surge in the stock, the company's market value rose by Rs 3,159.31 crore to Rs 59,869.31 crore.

Hero MotoCorp was the top gainer among the blue-chip scrips on both Sensex and Nifty.
Under the memorandum of understanding, the two-wheeler maker will invest Rs 1,600 crore on the main plant at Satyaveedu that will produce 1.8 million two wheelers in a phased manner.
Another Rs 1,500 crore will be invested on ancillary units, according to Hero General Manager (Corporate) Rakesh Vashisht.