Hero MotoCorp up on capex plans to maintain leadership

Stock up 2% at Rs 1,655

Shares of Hero MotoCorp were up 2% at Rs 1,655 on reports that the company plans to spend over Rs 1,000 crore towards capital expenditure in fiscal 2014 and also formulated a strategy to maintain its leadership position.

The capital expenditure includes an investment of Rs 600 crore on its upcoming fourth plant and global parts centre at Neemrana and Rs 100-150 crore on a state-of-the-art integrated research and development centre at Kukas, Economic Times reported today.

The company also plans to spend Rs 400 crore on IT instruments, existing plants and its proposed fifth plant in Gujarat, the report said.

Over 96,000 shares were traded on the Bombay Stock Exchange and National Stock Exchange so far.