Ashok Leyland has entered into a share purchase agreement with Nissan International Holding BV to acquire the latter's 38 per cent stake in Hinduja Tech Limited (HTL) for Rs 70.20 crore.
The commercial vehicle major on Thursday informed BSE that it has entered into a share purchase agreement with Nissan International Holding BV to acquire 58,500,000 shares for a total consideration of Rs.70,20,00,000/- constituting 38% in the paid-up share capital of Hinduja Tech Limited (HTL).
Shares of midcap companies were on a roll on Monday with the S&P BSE Midcap index hitting a record high on the back of a strong rally in metals, financials and public sector undertaking (PSU) stocks.
At 12:50 pm, the S&P BSE Midcap index was up 0.85 per cent at 18,319 levels, as compared to a 0.31-per cent rise in the S&P BSE Sensex. The midcap index hit a record high of 18,363 in the intra-day trade, surpassing its previous high of 18,321, touched on January 9, 2018.
Shares of Ashok Leyland hit a 52-week high of Rs 89.45, surging 6 per cent on the BSE on Tuesday, on expectation that the domestic truck and light commercial vehicle (LCV) sector recovery may continue to gather pace over the second half (October-March) of the current fiscal. The stock of the commercial vehicle company has outperformed the market in the past three months by surging 73 per cent, as against 13 per cent rise in the S&P BSE Sensex.
Shares of Ashok Leyland gained 4 per cent at Rs 85.35 on the BSE on Tuesday, gaining 8 per cent in the past two trading days after the company reported healthy growth in sales of trucks and low commercial vehicles (LCVs) in the month of October.
The stock of commercial vehicle maker was trading close to its 52-week high of Rs 87.50 touched on January 24, 2020. In past three months, it rallied 72 per cent, as compared to 8.6 per cent gain in the S&P BSE Sensex.
Shares of Ashok Leyland were under pressure for the second straight day on Friday, plunging 15 per cent to hit an over five-year low of Rs 41.10, on the BSE, after the company announced acquisition of around 19 per cent stake in its subsidiary Hinduja Leyland Finance (HLFL). The stock has tanked 36 per cent in the past two trading days, and was quoting at its lowest level since September 2014.
Shares of auto companies were trading with up to 19 per cent cut on the NSE on Thursday as panic selling continued amid growing fears of economic dislocation due to pandemic Coronavirus (Covid-19).
Nifty Auto index hit a six-year low today. At 10:33 am, the index was trading 7.5 per cent lower at 5,102 levels with 14 out of 15 components declining. In comparison, the benchmark Nifty50 index was hovering around 8,000 levels, down 466 points or 5.5 per cent.
Shares of Ashok Leyland slipped up to 7.2 per cent to Rs 71 in the morning deals on the NSE on Monday, after the company reported weak September quarter earnings. The commercial vehicle major logged a 97 per cent drop in standalone profit before tax at Rs 19.11 crore during Q2FY20, as compared to Rs 670.8 crore during same quarter last year.
At 9:43 AM, the stock was trading 3.2 per cent lower at Rs 74.05. In comparison, the benchmark Nifty50 was 0.19 per cent down at 11,885-mark. Nearly 2.05 shares changed hands on the NSE and BSE till the time of writing of this report.
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