Buy Hero Motocorp, target Rs 3000: Mihir Jhaveri

Mihir Jhaveri of Religare Capital Markets told CNBC-TV18, "Hero Motocorp had a splendid performance. The margins have come in at 15.8. We were expecting around 15 percent. I believe that the risk of earnings downgrade is now subsided given that volume decline will be there but margin will save them. I think overall the numbers were good, so I have a buy rating on the stock with a target price of Rs 3,000. I believe Hero Moto should do well."At 11:28 hrs Hero Motocorp was quoting at Rs 2,629.60, up Rs 24.55, or 0.94 percent. It has touched an intraday high of Rs 2,665.00 and an intraday low of Rs 2,610.15.