Ashok Leyland has rallied 11% to Rs 32 after its net profit more than doubled to Rs 363 crore for the quarter ended March 31, 2014 (Q4FY14), mainly due to exceptional items including sale of non-crore assets. The commercial vehicles manufacturer had posted a profit of Rs 150 crore in the same quarter last year.
Total income dropped by 17.5% during the quarter to Rs 3,077 crore from Rs 3,728 crore, a year ago.
Exceptional items increased to Rs 376 crore from Rs 134 crore due to dilution of stakes in some of the companies selling non-core assets, including lands and others.
The company said it will continue to disinvest in non-core assets and investments to right size its balance sheet.
The stock opened at Rs 30.50 and hit a 52-week high of Rs 32.30 on NSE. The counter has seen huge trading volumes, with a combined 26.71 million shares changing hands till 1015 hours on the NSE and BSE.
Total income dropped by 17.5% during the quarter to Rs 3,077 crore from Rs 3,728 crore, a year ago.
Exceptional items increased to Rs 376 crore from Rs 134 crore due to dilution of stakes in some of the companies selling non-core assets, including lands and others.
The company said it will continue to disinvest in non-core assets and investments to right size its balance sheet.
The stock opened at Rs 30.50 and hit a 52-week high of Rs 32.30 on NSE. The counter has seen huge trading volumes, with a combined 26.71 million shares changing hands till 1015 hours on the NSE and BSE.
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