Ashok Leyland hits new high; stock surges 42% in H1FY18
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Ashok Leyland Limited (ALL) hit a new high of Rs 121, up 3% on BSE, surpassing its previous high of Rs 120 touched in last of week, after the rating agency ICRA assigns credit rating for commercial paper issue with stable outlook.
“The ratings draw strength from ALL’s strong business risk profile marked by its sustained gain in market share in domestic Medium and Heavy Commercial Vehicle (M&HCV) segment in recent years and improvement in operational efficiencies following cost rationalization initiatives undertaken,” ICRA said in statement.
While M&HCV sales volumes witnessed moderation during Q1FY2018, recovery in demand is expected for ALL during H2FY18 with likely growth in replacement demand led by rise in infrastructure and rural spending, and acceptance of new product technology, it added.
In September 2017, the stock rallied 13% after the company reported 25% overall growth from 10,897 units sold in August 2016 to 13,634 units sold in August 2017. The growth was majorly driven by MHCV segment which grew by 29% to 10,567 units sold in August 2017 from 8,201 units sold in August 2016. LCV reported 14% growth from 2,696 units sold in August 2016 to 3,067 units sold in August 2017. The S&P BSE Sensex is down 1% so far in the month.
Thus far in the first half of (April-September) of current financial year 2017-18, the stock rallied 42% from Rs 85 against 6% rise in the benchmark index.
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