Shares of Ashok Leyland dipped up to 4 per cent to trade at Rs 82.10 per share in the early morning deals on Tuesday after the company announced closure of its Pantnagar plant due to weak demand and outlook for the industry.
In a regulatory filing, the heavy vehicle manufacturer said that the plant will remain closed between July 16 and July 24.
Ashok Leyland on Thursday announced organisational changes by elevating two senior officials as chief operating officers and appointing a head for electric vehicle business. However, the company did not announce any name for the position of MD & CEO, which fell vacant after Vinod K Dasari quit in November 2018.
Ashok Leyland, the commercial vehicle (CV) maker from the Hinduja Group, reported a 21.5 per cent decline in net profit at Rs 380.8 crore during the quarter ended December 31, 2018, as compared to Rs 484.9 crore during the same quarter of last year. Total income declined 12.3 per cent to Rs 6,346 crore.
Gopal Mahadevan, chief financial officer, said: “Cumulative growth in TIV (total industry volume) till December was 25 per cent, which is significant.
Ashok Leyland on Monday launched new variants of intermediate commercial vehicle (ICV) GURU 1010 and a medium duty vehicle (MDV) Boss 1616 and 1916.
While GURU 1010 is 10 tonne gross vehicle weight (gvw) , Boss will come in 16 and 19 tonne gvw. The company is betting on providing better profitability to the customer with the new variants by providing better operational efficiency in terms of driver comfort and fuel efficiency.
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