Commercial vehicle maker Ashok Leyland, the flagship company of the Hinduja Group, has raised Rs.210 crore from sale of one of its residential properties at Chennai. The sale was done as part of its strategy to sell non-core assets. While the company did not disclose the details of the properties sold, industry sources said that this was a 1-acre property in the posh Boat Club area, one of the most expensive residential localities in Chennai.

Ashok Leyland has reduced its net loss to Rs.48 crore for the quarter ended June 30, 2014 when compared with a net loss of Rs.142 crore in thea year-ago period, on the back of better operating profit. Net sales of the company were up five per cent at Rs.2,435 crore when compared with Rs.2,313 crore in Q1 of previous fiscal. Profit from operations before other income, finance costs and exceptional income stood at Rs.13 crore as against a loss of Rs.72 crore in the year-ago period.

Mumbai: After declining for 33 consecutive months, sales of medium and heavy-duty trucks picked up in June, as an improvement in the mining sector and a pick-up in manufacturing led to some revival in demand for commercial vehicles.

With the exception of Tata Motors Ltd, the market leader in the commercial vehicles, sales at most firms, including Ashok Leyland Ltd, Eicher Motors Ltd, Volvo Eicher Commercial Vehicles Ltd and Mahindra Trucks and Buses Ltd, saw a spike.

Ashok Leyland is planning to raise about Rs 700 crore through a qualified institutional placement (QIP). In an announcement to BSE on Thursday, the company said its fund-raising committee had passed a resolution authorising the QIP be opened on June 26. A preliminary placement document in this regard had been filed with the regulator.

Ashok Leyland Defence Systems has formed a consortium agreement with Larsen & Toubro (L&T) and Nexter Systems for the mounted gun systems (MGS) artillery programme of the Indian army.

The partnership was signed at Eurosasory, the world's largest defence exhibition, between Nexter, L&T and Ashok Leyland.

Since 2011, the auto sector has been reeling from its worst recession ever. Sales have plummeted and profits have slumped for most companies. But at Ashok Leyland, which saw its 2013-14 revenue drop over 20 per cent and profit fall 93 per cent, the slowdown is playing out differently.

The company's stock rose to a 52-week high of Rs 32.30 on BSE last month after the announcement of the fourth quarter results, even as the 143 per cent quarter-on-quarter jump in profit to Rs 363 crore came largely from sale of non-core assets. It sold its stake in IndusInd Bank and Hinduja Leyland Finance, among others.

Chennai: Ashok Leyland Ltd, India’s second largest bus and truck maker, has won an order from the Sri Lanka government to supply 2,200 buses.

Sri Lanka is aiming to modernize its fleet and significantly improve the country’s public transport network. This will be one of the largest purchases made by the Sri Lankan Transport Board, said a company press release.

Ashok Leyland's net profit surged 142.2% to Rs 363.39 crore on 17.31% fall in total income to Rs 3092.51 crore in Q4 March 2014 over Q4 March 2013. Net profit slumped 93.22% to Rs 29.38 crore on 20.19% decline in total income to Rs 10009.94 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The result was announced after market hours on Thursday, 22 May 2014.

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