Ashok Leyland corrects on profit booking

Ashok Leyland fell 1.56% to Rs 56.95 at 14:38 IST on BSE on profit booking after the stock rose 16.52% in the preceding eight trading sessions to Rs 57.85 on 5 January 2015, from a recent low of Rs 49.65 on 23 December 2014.

Meanwhile, the BSE Sensex was down 716.21 points, or 2.57%, to 27,126.11.

On BSE, so far 35.95 lakh shares were traded in the counter, compared with an average volume of 35.47 lakh shares in the past one quarter.

The stock hit a high of Rs 57.45 and a low of Rs 55.70 so far during the day. The stock hit a record high of Rs 58.30 on Monday, 5 January 2015. The stock hit a 52-week low of Rs 14.90 on 17 February 2014.

The stock had outperformed the market over the past one month till 5 January 2015, rising 8.23% compared with 2.16% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 37.74% as against Sensex's 4.80% rise.

The large-cap company has an equity capital of Rs 284.59 crore. Face value per share is Re 1.

Ashok Leyland's total sales jumped 48% to 9,290 units in December 2014 over December 2013. Sales of medium and heavy commercial vehicle (M&HCV) surged 85% to 7,210 units in December 2014 over December 2013. Sales of light commercial vehicles (LCV) declined 13% to 2,080 units in December 2014 over December 2013.

The December sales figures were announced before trading hours on Monday, 5 January 2015. Shares of Ashok Leyland jumped 8.33% to Rs 57.85 on that day.

Ashok Leyland reported a net profit of Rs 120.69 crore in Q2 September 2014, compared to net loss of Rs 25.05 crore in Q2 September 2013. Net sales rose 26.1% to Rs 3150.37 crore in Q2 September 2014 over Q2 September 2013.

Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.

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