Ashok Leyland share price: Experts have this to say about company's prospects
Ashok Leyland share price is trading range-bound between Rs 42 per stocks to Rs 50 per stock levels.
Ashok Leyland share price is trading range-bound between Rs 42 per stocks to Rs 50 per stock levels. According to stock market experts, Ashok Leyland mainly deals in commercial vehicle segment and the way auto sector, especially commercial auto sector has been hit during Coronavirus lockdown, trading in this range by Ashok Leyland is quite praiseworthy. They said that lockdown is getting eased and in July to September quarter there can be boom in demand for the commercial vehicles and Ashok Leyland will be a major beneficiary of this rise in demand.
Giving details about the fundamentals of the Ashok Leyland share price; SEBI registered fundamental equity analyst Avinash Gorakshkar said, "Commercial vehicle sector has been hit severely during the Coronavirus lockdown and Ashok Leyland being the prime Commercial auto company was expected to get hit during the lockdown. But, the way it has maintained the range of Rs 42 to Rs 50 per stock levels, it indicates that people are in the wait and watch mood in regard to the Ashok Leyland shares."
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Gorakshkar said that March quarter was not so good for the auto sector, including Ashok Leyland and June quarter is also not expected to give any good news as the entire period is being hit severely by the Coronavirus lockdown.
Sumeet Bagadia, Executive Director at Choice Broking said, "Ashok Leyland deals in commercial vehicle segment and demand in commercial and industrial sector is expected to shoot up in July to September quarter. So, till that period Ashok Leyland share price is expected to remain range-bound as Ashok Leyland shares have strong support at Rs 40-42 per stock levels while it is facing strong resistance at Rs 50 per stock levels." Bagadia said that the range is expected to remain maintained till the demand for commercial vehicles rises in July to September quarter.
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