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.
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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.
