Analysts see up to 22% upside in Ashok Leyland shares after auto maker's strong Q3 performance, January sales
Ashok Leyland share price: The stock of the auto major jumped by as much as Rs 7.4 or five per cent to Rs 155.1 apiece on BSE. Here's what top brokerages make of Ashok Leyland after the release of the company's sales report for January 2023.
Ashok Leyland shares surged on Thursday, a day after the auto major reported its financial results for the quarter ended December 2022 and released its sales report for the first month of 2023.
The Hinduja group flagship, Ashok Leyland, beat analysts' etimates on all grounds in its earnings report as well as exceeded their expectations on its monthly sales.
Ashok Leyland results
Sebi to introduce centralised mechanism for verification in case of demise of investors from January 1
CCI approves Kedaara Capital Fund's acquisition of 1.74% equity stake in Lenskart, also clears acquistion of majority stake in Indira IVF by Zonnebaars
Amazon begins Kickstarter sale ahead of Great Indian Festival: 5 top smartphone deals offering upto 50% off
ICC World Cup 2023: Disney+ Hotstar introduces MaxView feature to stream matches in vertical mode - Details
AMFI rejig: IRFC, Polycab and Jio Financial Services among others may enter large-cap category, says Nuvama
Canada not looking to escalate situation with India, will continue to "engage responsibly": Justin Trudeau
After market hours on Wednesday, Ashok Leyland reported a multi-fold jump net profit to Rs 361 crore for the quarter ended December 2022, from Rs 5.8 crore for the corresponding period a year ago. It saw a jump of 63 per cent in revenue to Rs 9,030 crore compared with the year-ago period.
Its margin — a key measure of profitability for businesses — improved by 480 basis points on a year-on-year basis to 8.8 per cent.
The company beat analysts' estimates on all the three fronts.
According to Zee Business research, Ashok Leyland's quarterly net profit was estimated at Rs 295 crore and revenue at Rs 8,810 crore with a margin of 7.6 per cent.
Ashok Leyland January auto sales
The auto company reported total sales — comprising domestic sales and exports — of 17,200 vehicles in January 2023, up 23.4 per cent on a year-on-year basis.
According to Zee Business research, the auto maker's monthly sales were estimated at 17,000.
What brokerages recommend on Ashok Leyland
Brokerages have laid out target prices in the range of Rs 162-175 for the stock — implying upside potential of about 10-22 per cent from its closing price on Wednesday.
|Morgan Stanley||Overweight||Rs 175|
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
IND vs NED Free Live Streaming: When and How to Watch India vs Netherlands ODI World Cup 2023 warm-up Match Live on Web, TV, mobile apps online
Senior Citizen Savings Scheme (SCSS): Know how much return you will get on investment from Rs 1 to Rs 15 lakh in SCSS
ONGC, Oil India under pressure after Centre's windfall tax move; MGL, Gujarat Gas rise post-gas price hike
Gold and Silver price today (October 3, 2023): Precious metal futures trade under pressure; Gold below Rs 57,000
Traders' Diary: Buy, sell or hold strategy on Jubilant FoodWorks, RVNL, LTIMindtree, Federal Bank, AU Small Finance Bank, other a dozen other stocks today
From Maruti Suzuki to Tata Motors: Here's how top auto makers fared in terms of sales in September 2023