Reuters Market Eye - Kotak Institutional Equities upgrades Hero MotoCorp Ltd (HROM.NS) to “add” from “sell”, and maintains its “reduce” rating on Bajaj Auto(BAJA.NS).
Employees work in an assembly line at Hero Honda's newly inaugurated plant in Haridwar April 8, 2008. REUTERS/Tanushree Punwani/Files
Kotak says it changes its preferred pick to Hero in the two-wheeler segment given Hero’s valuation discount to Bajaj Auto.
The brokerage also expects Hero to post higher earnings growth than Bajaj.
Reporting by Abhishek Vishnoi