The gains for the country's second-largest commercial vehicle (CV) maker were on the back of expectations of strong demand, a slew of launches and brokerage upgrades.
The stock of the CV major, which was up 33 per cent over the last three months, ended the day at ₹246.35, up 6 per cent.
On Thursday, UBS Securities upgraded Ashok Leyland from 'neutral' to 'buy' considering the resilience in MHCV demand, a strong pricing environment and favourable valuation, as it is trading in line with the past five-year mean while most automakers are trading around three standard deviations above mean.
The company continued to witness strong demand in its business units in Q1FY25. While the company achieved its highest ever first quarter CV volumes, the power solutions, aftermarket, defence business and the international operations also contributed to the top line. The efforts on product and network expansion helped the uptick in revenue and market share, the company said.
This story is from the July 27, 2024 edition of Business Standard.
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This story is from the July 27, 2024 edition of Business Standard.
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