Ashok Leyland gains over 4% in early trade

Ashok Leyland today surged by over 4 per cent in early trade on the BSE a day after the commercial vehicle manufacturer received a new order from the Tamil Nadu government.

Shares of the company started the day on a strong footing and gained 4.28 per cent to touch an early high of Rs 77.85 on the Bombay Stock Exchange.

Witnessing a similar upsurge on the National Stock Exchange, the scrip moved 4.28 per cent higher to Rs 77.90 this morning.

Hinduja Group flagship company Ashok Leyland had yesterday bagged an order for 2,850 buses from the Tamil Nadu government.

The company, received the order from the Institute of Road Transport, the nodal agency for procurement of vehicles for Tamil Nadu.

Amid a firm broader market, shares of other major auto stocks were also trading in the green.

The country's largest car-maker, Maruti Suzuki, was trading 1.02 per cent higher at Rs 1,400.90  while Tata Motors was gained 1.5 per cent to Rs 1,044.20.

Two-wheeler major Hero Honda also gained 0.8 per cent to Rs 1,750.25 in early trade.

Meanwhile, the 30-share Sensex also rebounded after shedding 85 points yesterday and was trading 206.16 points higher at 19,623.65.