Ashok Leyland hits new high
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Shares of Ashok Leyland were trading higher by 3% to Rs 62, its new high on BSE, on back of heavy volumes.
Till 0937 hours, a combined 11.91 million shares have already changed hands on the counter on the BSE and NSE.
The stock of auto major rallied 22% from Rs 51 on December 31, 2014, after the company had reported 48% year-on-year jump in total sales at 9,290 units in December 2014. The company had sold 6,275 units during the same month of 2013. The S&P BSE Sensex down 1.4% during the same period.
Sales of medium and heavy commercial vehicles (MHCV) soared 85% in December 2014 to 7,210 units as against 3,890 units sold during the same month of previous year, Ashok Leyland said in a statement.
Analyst at Angel Broking expects volume recovery in the MHCV segment to accelerate and expect a strong double-digit growth over the FY2014-FY2016 period.
The proportion of MHCV volumes for Ashok Leyland would increase from 75% in FY2014 to 82% in FY2016. A better product mix, reduced discounts, and operating leverage would result in earnings improvement, added analyst.
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