Shares of Hero MotoCorp Ltd. surged after it announced the name of its new motorcycle.
The new 440 cc motorcycle is based on the Harley Davidson X440, which the company has officially named 'Maverick', according to media reports.
Shares of Hero Motocorp rose as much as 6.21% during the day to Rs 4,395 apiece on the NSE. It pared gains to close 4.93% higher at Rs 4,342.2 apiece, as compared with a 0.13% advance in the benchmark Nifty 50.
It has risen 52.17% in the last 12 months. The relative strength index was at 75.6.
Twently-seven out of the 45 analysts tracking Hero MotoCorp have a 'buy' rating on the stock, 10 recommend a 'hold' and eight suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 66.8%.
All the auto companies ended with gains on the exchanges on Thursday, with the rally led by Hero MotoCorp, followed by Bajaj Auto Ltd. rising 3.5% and TVS Motor Co. gaining 3.3% on Thursday.
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