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Business News » Markets News

Ashok Leyland share price jumps 9.5% intraday - REASON investors should know

Amid strong fourth-quarter results, the Hinduja group flagship auto company Ashok Leyland shares soared near nine and a half per cent to Rs 129.35 on the BSE intraday trade today. It said the market share improved by 0.8 per cent to 28.9 per cent as compared to a 28.1 per cent quarter-on-quarter basis 

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Ashok Leyland share price jumps 9.5% intraday - REASON investors should know
The company reported an 82 per cent jump in revenue at Rs 7,000 crore in Q4 FY21: PTI

Amid strong fourth-quarter results, the Hinduja group flagship auto company Ashok Leyland shares soared near nine and a half per cent to Rs 129.35 on the BSE intraday trade today. It said the market share improved by 0.8 per cent to 28.9 per cent as compared to a 28.1 per cent quarter-on-quarter basis  

On an intraday basis, the stock of the commercial vehicles' company has been trading close to its 52-week high of Rs 138.85 a share, hit on February 4, 2021.  

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At around 01:00 pm, the shares were trading near four and a half per cent higher at Rs 123.6 per share on the BSE, as against 0.31 per cent rise in the S&P BSE Sensex. Trading volumes on the counter doubled with a combined around 68 million shares changed hands on the NSE and BSE. 

The company reported an 82 per cent jump in revenue at Rs 7,000 crore in the March-ended quarter of the financial year 2020-2021 as against Rs 3,838 crore in the same period a year ago, while it posted a profit of Rs 242 crore against a loss of Rs 57 crore in the year-ago quarter. 

The company in its results commentary said, “Sequentially, over Q3FY21, medium and heavy commercial vehicles (MHCV) truck volumes for Ashok Leyland has grown by 57 per cent in Q4FY21 which was higher than the industry growth of 53 per cent, thereby resulting in market share improvement during the quarter.” 

MHCV truck volumes have grown at 111 per cent year on year (YoY) which is better than the rate of growth of the industry, the company further said in a release. 

Ashok Leyland in its filing said, the company, going forward, expects good opportunities in the industry would help it grow the exports, defence, power solutions, light commercial vehicles (LCV), and parts business even as it expands the reach and products of the core MHCV business.  

The emerging businesses such as an electric vehicle (EV) and customer solutions (CSB) will assist in complementing the core business, the company said.

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TAGS:
Ashok Leyland
Reported By: ZeeBiz WebTeam
Written By: ZeeBiz WebTeam
Edited By: Prashant V. Singh
Updated: Fri, Jun 25, 2021
01:32 pm
Mumbai, ZeeBiz WebDesk
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