Hero MotoCorp fell 0.26% to Rs 2588.75 at 9:46 IST on BSE after the company said that HMC-MM Auto, the JV between the company and Magneti Marelli inaugurated its first autonomous production and development centre at Manesar in Haryana.
The announcement was made after market hours yesterday, 25 March 2015.
Meanwhile, the S&P BSE Sensex was down 194.25 points or 0.69% at 27,917.58.
On BSE, so far 2,473 shares were traded in the counter as against average daily volume of 49,000 shares in the past two weeks.
The stock was volatile. The stock fell as much as 0.36% at the day's low of Rs 2,586 so far during the day. The stock rose as much as 0.55% at the day's high of Rs 2,610 so far during the day.
The new centre will serve as a production facility and innovation hub to develop new-generation fuelling systems for Hero MotoCorp (HMCL) two-wheelers. HMCL holds majority stake of 60% in HMC-MM Auto while Magneti Marelli holds the rest 40%.
Magneti Marelli, headquarted in Milan, Italy produces advanced systems and components for the automobile industry.
Hero MotoCorp reported 11.1% growth in net profit to Rs 582.98 crore on 0.8% decline in net sales to Rs 6792.51 crore in Q3 December 2014 over Q3 December 2013.
Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.
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