Angel Broking has maintained its accumulate rating on Hero Honda Motors with a target price of Rs 855 in its December 10, 2008 research report. "Hero Honda and Bajaj Auto announced to cut rates of their vehicles following the government announcement of cutting Cenvat duty by 4%. While the reduction among Hero Honda products (motorcycles and scooters) will be in the range of Rs 1,000- 2,000, Bajaj Auto, has announced a cut of Rs 2,100-4,400. This reduction is mainly to pass on the excise cost benefit to the customers, which in turn will help in boost up the depleting two wheeler sales. We maintain Accumulate on Hero Honda with a target price of Rs 855," says Angel's research report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment......