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Indices down 0.5% as rupee breaches 56 markMay 23 2012 16:25
Hero Honda suffers on profit booking
MUMBAI (makemystocks): Profit booking took a toll on shares of Hero Honda Motors as it tanked over 2% in early trade today.
Yesterday, the Hero Honda stock had surged nearly 18% after Bank of America-Merrill Lynch and UBS Investment Research upgraded it to 'buy' from 'neutral'.
Brokerages upgraded the stock after Hero Honda's management said royalty rate will remain unchanged and the technology agreement with Honda will continue until 2014.
The Hero Group, in a conference call on Monday clarified that Hero Honda would not be paying any royalty on existing products to Japan's Honda.
Yesterday, the Hero Honda stock had surged nearly 18% after Bank of America-Merrill Lynch and UBS Investment Research upgraded it to 'buy' from 'neutral'.
Brokerages upgraded the stock after Hero Honda's management said royalty rate will remain unchanged and the technology agreement with Honda will continue until 2014.
The Hero Group, in a conference call on Monday clarified that Hero Honda would not be paying any royalty on existing products to Japan's Honda.
