Mumbai:Hero Honda Motors Ltd, India’s biggest motorcycle maker, expects sales this year to climb 7.5% to a record as it boosts output to meet demand from the country’s growing middle class.

Hero Honda plans to sell at least 4 million motorcycles and scooters in the year ending 31 March, compared with 3.72 million a year earlier, chief financial officer Ravi Sud said in an interview on Friday. The company will double production at its Haridwar factory.

Shares of the company surged 2.81% to Rs1110.55, their highest since at least 1991 after the company forecast higher sales.

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Cipla won’t support bid for South Africa unit

Johannesburg: Drug maker Cipla Ltd does not support Adcock Ingram Healthcare Ltd’s bid for Cipla Medpro South Africa Ltd, chief executive officer Amar Lulla said in an emailed statement on Friday. Let me categorically state that Cipla will not support any such bid and will exercise its options as may be legally advised, Lulla said. Cipla India does not own a stake in Cipla Medpro.

It entered supply and manufacturing agreements with the South African company in September 2005, Lulla said in the email.

— Bloomberg

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